10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________ to __________

Commission File Number: 001-13779

W. P. Carey Inc.

(Exact name of registrant as specified in its charter)

Maryland		45-4549771
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York	10001
(Address of principal executive offices)		(Zip Code)

Investor Relations (212) 492-8920

(212) 492-1100

(Registrant’s telephone numbers, including area code)

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value	WPC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Registrant has 218,847,015 shares of common stock, $0.001 par value, outstanding at July 26, 2024.

INDEX

		Page No.
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
	Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	3
	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023	4
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023	5
	Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	8
	Notes to Consolidated Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		36
Item 3. Quantitative and Qualitative Disclosures About Market Risk		56
Item 4. Controls and Procedures		58
PART II — OTHER INFORMATION
Item 6. Exhibits		59
Signatures		60

W. P. Carey 6/30/2024 10-Q – 1

Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of Part I of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding: the NLOP Spin-Off (as defined herein); our expectations surrounding the impact of the broader macroeconomic environment and the ability of tenants to pay rent; our financial condition, liquidity, results of operations, and prospects; our future capital expenditure and leverage levels, debt service obligations, and plans to fund our liquidity needs; prospective statements regarding our access to the capital markets, including our “at-the-market” program (“ATM Program”); statements that we make regarding our ability to remain qualified for taxation as a real estate investment trust (“REIT”); and the impact of recently issued accounting pronouncements and other regulatory activity.

These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, could also have material adverse effects on our business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in this Report, as well as in our other filings with the Securities and Exchange Commission (“SEC”), including but not limited to those described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 9, 2024 (the “2023 Annual Report”). Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this Report, unless noted otherwise. Except as required by federal securities laws and the rules and regulations of the SEC, we do not undertake to revise or update any forward-looking statements.

All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant in Part I, Item 1. Financial Statements (Unaudited).

W. P. Carey 6/30/2024 10-Q – 2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

W. P. CAREY INC. 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share amounts)

	June 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,341,979	$	12,095,458
Land, buildings and improvements — operating properties	1,238,340		1,256,249
Net investments in finance leases and loans receivable	667,667		1,514,923
In-place lease intangible assets and other	2,256,793		2,308,853
Above-market rent intangible assets	676,666		706,773
Investments in real estate	17,181,445		17,882,256
Accumulated depreciation and amortization	(3,096,516)		(3,005,479)
Assets held for sale, net	7,743		37,122
Net investments in real estate	14,092,672		14,913,899
Equity method investments	356,220		354,261
Cash and cash equivalents	1,085,967		633,860
Other assets, net	1,261,222		1,096,474
Goodwill	973,204		978,289
Total assets (a)	$	17,769,285	$	17,976,783
Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,519,887	$	6,035,686
Unsecured term loans, net	1,100,356		1,125,564
Unsecured revolving credit facility	15,005		403,785
Non-recourse mortgages, net	467,200		579,147
Debt, net	8,102,448		8,144,182
Accounts payable, accrued expenses and other liabilities	548,397		615,750
Below-market rent intangible liabilities, net	128,710		136,872
Deferred income taxes	155,716		180,650
Dividends payable	194,515		192,332
Total liabilities (a)	9,129,786		9,269,786
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,831,869 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,782,157		11,784,461
Distributions in excess of accumulated earnings	(2,975,236)		(2,891,424)
Deferred compensation obligation	78,379		62,046
Accumulated other comprehensive loss	(252,640)		(254,867)
Total stockholders’ equity	8,632,879		8,700,435
Noncontrolling interests	6,620		6,562
Total equity	8,639,499		8,706,997
Total liabilities and equity	$	17,769,285	$	17,976,783

__________

(a)See Note 2 for details related to variable interest entities (“VIEs”).

See Notes to Consolidated Financial Statements.

W. P. Carey 6/30/2024 10-Q – 3

W. P. CAREY INC. 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except share and per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
Real Estate:
Lease revenues	$	324,104	$	369,124	$	646,355	$	721,460
Income from finance leases and loans receivable	14,961		27,311		40,754		48,066
Operating property revenues	38,715		50,676		75,358		91,562
Other lease-related income	9,149		5,040		11,304		18,413
	386,929		452,151		773,771		879,501
Investment Management:
Asset management revenue	1,686		303		3,579		642
Other advisory income and reimbursements	1,057		124		2,120		225
	2,743		427		5,699		867
	389,672		452,578		779,470		880,368
Operating Expenses
Depreciation and amortization	137,481		143,548		256,249		299,957
General and administrative	24,168		24,912		52,036		51,461
Operating property expenses	18,565		26,919		36,515		48,168
Impairment charges — real estate	15,752		—		15,752		—
Reimbursable tenant costs	14,004		20,523		26,977		42,499
Property expenses, excluding reimbursable tenant costs	13,931		5,371		26,104		18,143
Stock-based compensation expense	8,903		8,995		17,759		16,761
Merger and other expenses	206		1,419		4,658		1,443
	233,010		231,687		436,050		478,432
Other Income and Expenses
Interest expense	(65,307)		(75,488)		(133,958)		(142,684)
Gain on sale of real estate, net	39,363		1,808		54,808		179,557
Non-operating income	9,215		4,509		24,720		9,135
Earnings from equity method investments	6,636		4,355		11,500		9,591
Other gains and (losses)	2,504		(1,366)		16,343		6,734
	(7,589)		(66,182)		(26,587)		62,333
Income before income taxes	149,073		154,709		316,833		464,269
Provision for income taxes	(6,219)		(10,129)		(14,893)		(25,248)
Net Income	142,854		144,580		301,940		439,021
Net loss (income) attributable to noncontrolling interests	41		40		178		(21)
Net Income Attributable to W. P. Carey	$	142,895	$	144,620	$	302,118	$	439,000
Basic Earnings Per Share	$	0.65	$	0.67	$	1.37	$	2.06
Diluted Earnings Per Share	$	0.65	$	0.67	$	1.37	$	2.05
Weighted-Average Shares Outstanding
Basic	220,195,910		215,075,114		220,113,753		213,522,150
Diluted	220,214,118		215,184,485		220,261,525		213,875,471

See Notes to Consolidated Financial Statements.

W. P. Carey 6/30/2024 10-Q – 4

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands) 

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net Income	$	142,854	$	144,580	$	301,940	$	439,021
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivative instruments	(119)		(4,937)		6,313		(12,200)
Foreign currency translation adjustments	(24)		9,479		(4,362)		15,936
	(143)		4,542		1,951		3,736
Comprehensive Income	142,711		149,122		303,891		442,757
Amounts Attributable to Noncontrolling Interests
Net loss (income)	41		40		178		(21)
Foreign currency translation adjustments	19		85		276		113
Comprehensive loss attributable to noncontrolling interests	60		125		454		92
Comprehensive Income Attributable to W. P. Carey	$	142,771	$	149,247	$	304,345	$	442,849

See Notes to Consolidated Financial Statements.

W. P. Carey 6/30/2024 10-Q – 5

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(in thousands, except share and per share amounts)

	W. P. Carey Stockholders
						Distributions				Accumulated
	Common Stock			Additional		in Excess of		Deferred		Other		Total
	$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling
	Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total
Balance at April 1, 2024	218,823,907	$	219	$	11,772,948	$	(2,926,085)	$	78,491	$	(252,516)	$	8,673,057	$	6,118	$	8,679,175
Shares issued upon delivery of vested restricted share awards	4,037	—		(4)								(4)				(4)
Shares issued upon purchases under employee share purchase plan	3,925	—		198								198				198
Amortization of stock-based compensation expense				8,903								8,903				8,903
Delivery of deferred vested shares, net				112				(112)				—				—
Dividends declared ($0.870 per share)						(192,046)						(192,046)				(192,046)
Net income						142,895						142,895		(41)		142,854
Contributions from noncontrolling interests												—		622		622
Distributions to noncontrolling interests												—		(60)		(60)
Other comprehensive loss:
Unrealized loss on derivative instruments										(119)		(119)				(119)
Foreign currency translation adjustments										(5)		(5)		(19)		(24)
Balance at June 30, 2024	218,831,869	$	219	$	11,782,157	$	(2,975,236)	$	78,379	$	(252,640)	$	8,632,879	$	6,620	$	8,639,499

	W. P. Carey Stockholders
						Distributions				Accumulated
	Common Stock			Additional		in Excess of		Deferred		Other		Total
	$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling
	Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total
Balance at April 1, 2023	213,890,620	$	214	$	11,948,910	$	(2,425,031)	$	62,046	$	(284,558)	$	9,301,581	$	17,781	$	9,319,362
Shares issued upon delivery of vested restricted share awards	5,815	—		(292)								(292)				(292)
Shares issued upon purchases under employee share purchase plan	4,735	—		294								294				294
Amortization of stock-based compensation expense				8,995								8,995				8,995
Acquisition of noncontrolling interest				1,153								1,153		(1,153)		—
Dividends declared ($1.069 per share)						(230,405)						(230,405)				(230,405)
Net income						144,620						144,620		(40)		144,580
Distributions to noncontrolling interests												—		(144)		(144)
Other comprehensive loss:
Foreign currency translation adjustments										9,564		9,564		(85)		9,479
Unrealized loss on derivative instruments										(4,937)		(4,937)				(4,937)
Balance at June 30, 2023	213,901,170	$	214	$	11,959,060	$	(2,510,816)	$	62,046	$	(279,931)	$	9,230,573	$	16,359	$	9,246,932

(Continued)

W. P. Carey 6/30/2024 10-Q – 6

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(Continued)

(in thousands, except share and per share amounts)

	W. P. Carey Stockholders
						Distributions				Accumulated
	Common Stock			Additional		in Excess of		Deferred		Other		Total
	$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling
	Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total
Balance at January 1, 2024	218,671,874	$	219	$	11,784,461	$	(2,891,424)	$	62,046	$	(254,867)	$	8,700,435	$	6,562	$	8,706,997
Shares issued upon delivery of vested restricted share awards	156,070	—		(6,865)								(6,865)				(6,865)
Shares issued upon purchases under employee share purchase plan	3,925	—		198								198				198
Amortization of stock-based compensation expense				17,759								17,759				17,759
Deferral of vested shares, net				(14,445)				14,445				—				—
Dividends declared ($1.735 per share)				1,049		(385,930)		1,888				(382,993)				(382,993)
Net income						302,118						302,118		(178)		301,940
Contributions from noncontrolling interests												—		622		622
Distributions to noncontrolling interests												—		(110)		(110)
Other comprehensive income:
Unrealized gain on derivative instruments										6,313		6,313				6,313
Foreign currency translation adjustments										(4,086)		(4,086)		(276)		(4,362)
Balance at June 30, 2024	218,831,869	$	219	$	11,782,157	$	(2,975,236)	$	78,379	$	(252,640)	$	8,632,879	$	6,620	$	8,639,499

	W. P. Carey Stockholders
						Distributions				Accumulated
	Common Stock			Additional		in Excess of		Deferred		Other		Total
	$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling
	Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total
Balance at January 1, 2023	210,620,949	$	211	$	11,706,836	$	(2,486,633)	$	57,012	$	(283,780)	$	8,993,646	$	14,998	$	9,008,644
Shares issued under ATM Program, net	3,081,867	3		249,860								249,863				249,863
Shares issued upon delivery of vested restricted share awards	193,619	—		(13,618)								(13,618)				(13,618)
Shares issued upon purchases under employee share purchase plan	4,735	—		294								294				294
Amortization of stock-based compensation expense				16,761								16,761				16,761
Deferral of vested shares, net				(4,521)				4,521				—				—
Acquisition of noncontrolling interest				1,153								1,153		(1,153)		—
Dividends declared ($2.136 per share)				2,295		(463,183)		513				(460,375)				(460,375)
Net income						439,000						439,000		21		439,021
Contributions from noncontrolling interests												—		2,886		2,886
Distributions to noncontrolling interests												—		(280)		(280)
Other comprehensive income:
Foreign currency translation adjustments										16,049		16,049		(113)		15,936
Unrealized loss on derivative instruments										(12,200)		(12,200)				(12,200)
Balance at June 30, 2023	213,901,170	$	214	$	11,959,060	$	(2,510,816)	$	62,046	$	(279,931)	$	9,230,573	$	16,359	$	9,246,932

See Notes to Consolidated Financial Statements.

W. P. Carey 6/30/2024 10-Q – 7

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

	Six Months Ended June 30,
	2024		2023
Cash Flows — Operating Activities
Net income	$	301,940	$	439,021
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	265,654		309,988
Gain on sale of real estate, net	(54,808)		(179,557)
Straight-line rent adjustments	(35,893)		(35,965)
Stock-based compensation expense	17,759		16,761
Impairment charges — real estate	15,752		—
Distributions of earnings from equity method investments	12,147		9,931
Earnings from equity method investments	(11,500)		(9,591)
Gain on repayment of secured loan receivable	(10,650)		—
Amortization of rent-related intangibles and deferred rental revenue	9,697		19,793
Decrease in allowance for credit losses	(5,097)		(3,629)
Deferred income tax (benefit) expense	(2,765)		1,643
Net realized and unrealized gains on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	(633)		(2,126)
Proceeds from sales of net investments in sales-type leases	807,080		—
Net changes in other operating assets and liabilities	(52,088)		(35,935)
Net Cash Provided by Operating Activities	1,256,595		530,334
Cash Flows — Investing Activities
Purchases of real estate	(448,088)		(895,034)
Proceeds from sales of real estate	195,022		44,061
Investments in loans receivable	(83,816)		—
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(47,207)		(62,135)
Value added taxes paid in connection with acquisition of real estate	(29,097)		(5,543)
Proceeds from repayment of loans receivable	24,000		—
Value added taxes refunded in connection with acquisition of real estate	8,728		6,767
Capital contributions to equity method investments	(5,024)		(23,677)
(Release) receipt of tenant-funded escrow for investing activities	(4,959)		29,787
Other investing activities, net	2,474		(9,787)
Return of capital from equity method investments	803		9,943
Net Cash Used in Investing Activities	(387,164)		(905,618)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(1,248,701)		(1,577,153)
Proceeds from issuance of Senior Unsecured Notes	1,098,314		—
Proceeds from Unsecured Revolving Credit Facility	868,422		1,820,608
Repayment of Senior Unsecured Notes	(500,000)		—
Dividends paid	(380,810)		(456,171)
Payments of mortgage principal	(127,683)		(138,764)
Other financing activities, net	(12,351)		2,359
Payment of financing costs	(8,853)		(166)
Payments for withholding taxes upon delivery of equity-based awards	(6,866)		(13,618)
Contributions from noncontrolling interests	622		2,886
Distributions to noncontrolling interests	(110)		(280)
Proceeds from term loans	—		546,014
Proceeds from shares issued under forward equity, net of selling costs	—		249,806
Net Cash (Used in) Provided by Financing Activities	(318,016)		435,521
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(13,716)		1,909
Net increase in cash and cash equivalents and restricted cash	537,699		62,146
Cash and cash equivalents and restricted cash, beginning of period	691,971		224,141
Cash and cash equivalents and restricted cash, end of period	$	1,229,670	$	286,287

See Notes to Consolidated Financial Statements.

W. P. Carey 6/30/2024 10-Q – 8

W. P. CAREY INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Business and Organization

W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe that are leased on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property.

Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.

In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the “Office Sale Program”), which is substantially completed.

On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”). Through the date of this Report, we have disposed of 85 of the office properties subject to the Office Sale Program (Note 14, Note 15). The final property is under a binding contract for sale scheduled to close in December 2024, which will complete the Office Sale Program.

Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. The operating results of both the real estate and investment management activities are regularly reviewed, in the aggregate, by our chief operating decision maker to evaluate performance and allocate resources. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business.

Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At June 30, 2024, our portfolio was comprised of our full or partial ownership interests in 1,291 properties, totaling approximately 170 million square feet, substantially all of which were net leased to 346 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.8%. In addition, at June 30, 2024, our portfolio was comprised of full or partial ownership interests in 95 operating properties, including 89 self-storage properties, four hotels, and two student housing properties, totaling approximately 7.3 million square feet.

W. P. Carey 6/30/2024 10-Q – 9

Notes to Consolidated Financial Statements (Unaudited)

Note 2. Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which are included in the 2023 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2023 Annual Report.

During the six months ended June 30, 2024, we declassified ten entities as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”) and dispositions.

At June 30, 2024 and December 31, 2023, we considered 12 and 21 entities, respectively, to be VIEs, of which we consolidated seven and 15, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	126,223	$	237,858
Land, buildings and improvements — operating properties	—		39,422
Net investments in finance leases and loans receivable	159,103		595,524
In-place lease intangible assets and other	11,402		40,650
Above-market rent intangible assets	3,894		6,828
Accumulated depreciation and amortization	(17,302)		(23,580)
Total assets	303,241		947,509
Non-recourse mortgages, net	$	50,793	$	59,715
Below-market rent intangible liabilities, net	28		32
Total liabilities	67,580		101,047

W. P. Carey 6/30/2024 10-Q – 10

Notes to Consolidated Financial Statements (Unaudited)

At June 30, 2024 and December 31, 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) three unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off (Note 1). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of June 30, 2024. As of June 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $732.6 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2023 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues. Revenue from contracts primarily represented hotel operating property revenues of $12.4 million and $24.7 million for the three months ended June 30, 2024 and 2023, respectively, and $22.5 million and $40.2 million for the six months ended June 30, 2024 and 2023, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023; eight of these properties were sold during 2023 and one was sold during the second quarter of 2024). Investment management revenue from contracts under ASC 606 is discussed in Note 3.

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,085,967	$	633,860
Restricted cash (a)	143,703		58,111
Total cash and cash equivalents and restricted cash	$	1,229,670	$	691,971

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of June 30, 2024 includes $106.9 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Note 3. Agreements and Transactions with Related Parties

Advisory Agreements and Partnership Agreements with NLOP and CESH

We currently have advisory arrangements with NLOP and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses.

W. P. Carey 6/30/2024 10-Q – 11

Notes to Consolidated Financial Statements (Unaudited)

The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Asset management revenue (a) (b)	$	1,686	$	303	$	3,579	$	642
Administrative reimbursements (a) (c)	1,000		—		2,000		—
Reimbursable costs from affiliates (a) (c)	57		124		120		225
	$	2,743	$	427	$	5,699	$	867

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
NLOP	$	2,599	$	—	$	5,403	$	—
CESH	144		427		296		867
	$	2,743	$	427	$	5,699	$	867

__________

(a)Amounts represent revenues from contracts under ASC 606.

(b)Included within Asset management revenue in the consolidated statements of income.

(c)Included within Other advisory income and reimbursements in the consolidated statements of income.

The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):

	June 30, 2024		December 31, 2023
Asset management fees receivable	$	542	$	1,349
Accounts receivable	514		768
Reimbursable costs	52		59
	$	1,108	$	2,176

Asset Management Revenue

Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property.

Administrative Reimbursements

Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

Reimbursable Costs from Affiliates

CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.

Back-End Fees and Interests in CESH

Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized.

W. P. Carey 6/30/2024 10-Q – 12

Notes to Consolidated Financial Statements (Unaudited)

Other Transactions with Affiliates and Related Parties

Other

At June 30, 2024, we owned interests in eight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining four investments under the equity method of accounting (Note 7). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 7).

Note 4. Land, Buildings and Improvements, and Assets Held for Sale

Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Land	$	2,299,528	$	2,248,300
Buildings and improvements	10,004,871		9,801,596
Real estate under construction	37,580		45,562
Less: Accumulated depreciation	(1,589,966)		(1,509,730)
	$	10,752,013	$	10,585,728

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 3.1% to $1.0705 from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other decreased by $111.7 million from December 31, 2023 to June 30, 2024.

In connection with changes in lease classifications due to extensions of the underlying leases or entering into a new lease, we reclassified 14 properties with an aggregate carrying value of $105.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the six months ended June 30, 2024 (Note 5).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $72.5 million and $79.7 million for the three months ended June 30, 2024 and 2023, respectively, and $144.1 million and $171.0 million for the six months ended June 30, 2024 and 2023, respectively.

W. P. Carey 6/30/2024 10-Q – 13

Notes to Consolidated Financial Statements (Unaudited)

Acquisitions of Real Estate

During the six months ended June 30, 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Doncaster, United Kingdom (a)	2	1/9/2024	Retail	$	30,055
Various, Italy (a)	5	1/30/2024	Industrial, Warehouse	148,130
Laval, Canada (a)	1	3/26/2024	Industrial	2,604
Commercial Point, Ohio	1	4/5/2024	Warehouse	94,220
Tucson, Arizona	1	5/13/2024	Warehouse	38,784
Portfolio Acquisition:
Various, United States	5	5/15/2024	Industrial, Warehouse	44,400
Various, United States	4	5/15/2024	Industrial	23,330
Sylacauga, Alabama	1	5/15/2024	Industrial	5,852
Moxee, Washington and La Porte, Indiana (b)	2	6/26/2024	Industrial	37,019
Portfolio Total	12			110,601
Mesa and Laveen, Arizona	2	6/3/2024	Retail	26,964
	24			$	451,358

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

(b)In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $21.9 million (Note 10).

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

	Total Capitalized Costs
Land	$	82,449
Buildings and improvements	311,003
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.9 years)	56,855
Below-market rent (expected life of 12.8 years)	(408)
Debt discount and deferred financing costs on non-recourse mortgage loan assumed	1,459
	$	451,358

Real Estate Under Construction — Net Lease and Operating Properties

During the six months ended June 30, 2024, we capitalized real estate under construction totaling $24.2 million. The number of construction projects in progress with balances included in real estate under construction was three and 11 as of June 30, 2024 and December 31, 2023, respectively. Aggregate unfunded commitments totaled approximately $92.6 million and $71.8 million as of June 30, 2024 and December 31, 2023, respectively.

W. P. Carey 6/30/2024 10-Q – 14

Notes to Consolidated Financial Statements (Unaudited)

During the six months ended June 30, 2024, we completed the following construction projects (dollars in thousands):

Property Location(s)	Primary Transaction Type	Number of Properties	Date of Completion	Property Type	Total Capitalized Costs
Salisbury, North Carolina	Expansion	1	3/8/2024	Industrial	$	14,737
Little Rock, Arkansas	Expansion	1	4/10/2024	Self-Storage (Operating)	3,280
Irvine, California	Redevelopment	1	6/27/2024	Industrial	15,222
		3			$	33,239

During the six months ended June 30, 2024, we committed to fund a redevelopment project for $44.1 million. We currently expect to complete the project in 2025.

Capitalized interest incurred during construction was $0.2 million and less than $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively, which reduces Interest expense in the consolidated statements of income.

Dispositions of Properties

During the six months ended June 30, 2024, we sold 14 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $102.9 million from December 31, 2023 to June 30, 2024 (Note 14).

Other Lease-Related Income

2024 — For the three and six months ended June 30, 2024, other lease-related income on our consolidated statements of income included other lease-related settlements totaling $8.9 million and $10.7 million, respectively.

2023 — For the three and six months ended June 30, 2023, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $4.3 million and $5.6 million, respectively and (ii) lease termination income totaling $11.4 million for the six months ended June 30, 2023, received from two tenants in connection with the sales of the properties they occupied.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease income — fixed	$	287,709	$	324,468	$	573,883	$	632,534
Lease income — variable (a)	36,395		44,656		72,472		88,926
Total operating lease income	$	324,104	$	369,124	$	646,355	$	721,460

__________

(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

W. P. Carey 6/30/2024 10-Q – 15

Notes to Consolidated Financial Statements (Unaudited)

Land, Buildings and Improvements — Operating Properties

At June 30, 2024, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, four consolidated hotels, and two consolidated student housing properties. At December 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

	June 30, 2024		December 31, 2023
Land	$	147,170	$	150,084
Buildings and improvements	1,091,170		1,104,635
Real estate under construction	—		1,530
Less: Accumulated depreciation	(88,885)		(80,057)
	$	1,149,455	$	1,176,192

During the six months ended June 30, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $14.3 million from December 31, 2023 to June 30, 2024 (Note 14).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $7.4 million and $7.7 million for the three months ended June 30, 2024 and 2023, respectively, and $14.7 million and $14.9 million for the six months ended June 30, 2024 and 2023, respectively.

Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	10,676	$	46,986
In-place lease intangible assets and other	778		5,222
Above-market rent intangible assets	—		8,374
Accumulated depreciation and amortization	(3,711)		(23,460)
Assets held for sale, net	$	7,743	$	37,122

At June 30, 2024, we had one property classified as Assets held for sale, net, with a carrying value of $7.7 million. This property was sold in July 2024 (Note 15). At December 31, 2023 we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. These properties were sold in January 2024.

W. P. Carey 6/30/2024 10-Q – 16

Notes to Consolidated Financial Statements (Unaudited)

Note 5. Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables.

Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):

	Maturity Date	June 30, 2024		December 31, 2023
Net investments in direct financing leases (a)	2024 – 2036	$	320,714	$	431,328
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	311,068		236,611
Net investments in sales-type leases (c)	2024	20,885		835,734
Secured loans receivable (d)	2024	15,000		11,250
		$	667,667	$	1,514,923

__________

(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(b)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $6.2 million and $0.8 million as of June 30, 2024 and December 31, 2023, respectively.

(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of June 30, 2024 or December 31, 2023.

(d)Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of June 30, 2024.

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a $15.0 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2023 to June 30, 2024.

Income from finance leases and loans receivable is summarized as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net investments in direct financing leases	$	8,763	$	12,751	$	17,692	$	25,449
Sale-leaseback transactions accounted for as loans receivable	5,620		3,684		9,521		7,343
Net investments in sales-type leases	578		9,688		11,576		12,917
Secured loans receivable	—		1,188		1,965		2,357
	$	14,961	$	27,311	$	40,754	$	48,066

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable	$	197,995	$	285,512
Unguaranteed residual value	302,667		434,234
	500,662		719,746
Less: unearned income	(168,306)		(251,441)
Less: allowance for credit losses (a)	(11,642)		(36,977)
	$	320,714	$	431,328

__________

W. P. Carey 6/30/2024 10-Q – 17

Notes to Consolidated Financial Statements (Unaudited)

(a)During the six months ended June 30, 2024 and 2023, we recorded a net release of allowance for credit losses of $8.4 million and $3.6 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the six months ended June 30, 2024, we reduced the allowance for credit losses balance by $17.0 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.

During the six months ended June 30, 2024, we reclassified 14 properties with an aggregate carrying value of $105.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to extensions of the underlying leases or entering into a new lease. In addition, during the six months ended June 30, 2024, we sold one property accounted for as a direct financing lease that had a net carrying value of $5.8 million.

Loans Receivable

During the six months ended June 30, 2024, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Investment
Various, Italy (a)	4	3/26/2024	Industrial, Warehouse	$	83,890
	4			$	83,890

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

In March 2024, a secured loan receivable was repaid to us for $24.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $2.1 million since the loan principal was fully repaid. In addition, we collected $1.4 million of unpaid interest related to a prior year upon repayment of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the six months ended June 30, 2024.

In June 2024, in connection with a property disposition, we provided financing to the buyer of $15.0 million with an interest rate of 15.0%, maturing in August 2024. This secured loan receivable is included Net investments in finance leases and loans receivable on our consolidated balance sheets.

Net Investments in Sales-Type Leases

During the six months ended June 30, 2024, we completed the sale of a portfolio of 78 net-lease self-storage properties located in the United States, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $451.4 million from December 31, 2023 to June 30, 2024 (Note 14). The tenant had previously provided notice of its intention to exercise its option to repurchase the properties during the first quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the six months ended June 30, 2023 related to this transaction.

During the six months ended June 30, 2024, we completed the sale of a portfolio of 70 net-lease office properties located in Andalusia, Spain, to the tenant occupying the properties, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $359.3 million from December 31, 2023 to June 30, 2024 (Note 14). We had previously entered into an agreement to sell the portfolio to the tenant occupying the properties during the fourth quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $59.1 million during the three months ended December 31, 2023 related to this transaction.

Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements.

W. P. Carey 6/30/2024 10-Q – 18

Notes to Consolidated Financial Statements (Unaudited)

Net investments in sales-type leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable (a)	$	21,460	$	849,881
	21,460		849,881
Less: unearned income	(575)		(14,147)
	$	20,885	$	835,734

__________

(a)Includes estimated purchase price and total rents owed.

Credit Quality of Finance Receivables

We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both June 30, 2024 and December 31, 2023, no material balances of our finance receivables were past due. Other than the lease extensions and new lease noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the six months ended June 30, 2024.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):

	Number of Tenants / Obligors at		Carrying Value at
Internal Credit Quality Indicator	June 30, 2024	December 31, 2023	June 30, 2024		December 31, 2023
1 – 3	17	18	$	592,885	$	1,338,877
4	7	8	92,614		215,953
5	—	—	—		—
			$	685,499	$	1,554,830

Note 6. Goodwill and Other Intangibles

In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the six months ended June 30, 2024 are described in Note 4.

Goodwill decreased by $5.1 million during the six months ended June 30, 2024 due to foreign currency translation adjustments.

W. P. Carey 6/30/2024 10-Q – 19

Notes to Consolidated Financial Statements (Unaudited)

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	2,334	$	(726)	$	1,608	$	20,745	$	(19,569)	$	1,176
	2,334		(726)		1,608		20,745		(19,569)		1,176
Lease Intangibles:
In-place lease	2,120,227		(945,307)		1,174,920		2,168,739		(934,138)		1,234,601
Above-market rent	676,666		(472,358)		204,308		706,773		(481,554)		225,219
	2,796,893		(1,417,665)		1,379,228		2,875,512		(1,415,692)		1,459,820
Goodwill
Goodwill	973,204		—		973,204		978,289		—		978,289
Total intangible assets	$	3,772,431	$	(1,418,391)	$	2,354,040	$	3,874,546	$	(1,435,261)	$	2,439,285
Finite-Lived Intangible Liabilities
Below-market rent	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)
Total intangible liabilities	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $12.9 million in the carrying value of our net intangible assets from December 31, 2023 to June 30, 2024.

Net amortization of intangibles, including the effect of foreign currency translation, was $62.0 million and $63.6 million for the three months ended June 30, 2024 and 2023, respectively, and $104.7 million and $131.2 million for the six months ended June 30, 2024 and 2023, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Note 7. Equity Method Investments

Interests in Unconsolidated Real Estate Investments and CESH

We own interests in certain unconsolidated real estate investments with third parties and in Carey European Student Housing Fund I, L.P. (“CESH”). There have been no significant changes in our equity method investment policies from what was disclosed in the 2023 Annual Report.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH.

W. P. Carey 6/30/2024 10-Q – 20

Notes to Consolidated Financial Statements (Unaudited)

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):

		Carrying Value at
Lessee/Fund/Description	Ownership Interest	June 30, 2024		December 31, 2023
Las Vegas Retail Complex (a)	N/A	$	239,848	$	235,979
Johnson Self Storage	90.00%	63,130		63,934
Kesko Senukai (b)	70.00%	27,723		28,860
Harmon Retail Corner (c)	15.00%	24,343		24,229
CESH (d)	2.43%	1,176		1,259
		$	356,220	$	354,261

__________

(a)On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2024) for a retail complex in Las Vegas, Nevada. Through June 30, 2024, we funded $236.3 million, including $4.9 million during the six months ended June 30, 2024. Equity income from this investment was $8.3 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

(b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of June 30, 2024 is based on the estimated fair value of our investment as of March 31, 2024.

We received aggregate distributions of $13.0 million and $19.9 million from our unconsolidated real estate investments for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024 and December 31, 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $17.4 million and $18.0 million, respectively. We received a distribution from CESH during the six months ended June 30, 2023 of $0.5 million. We did not receive a distribution from CESH during the six months ended June 30, 2024.

Note 8. Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants (Note 9).

W. P. Carey 6/30/2024 10-Q – 21

Notes to Consolidated Financial Statements (Unaudited)

The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market.

Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP (Note 7). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.

Investment in Shares of Lineage — We have elected to apply the measurement alternative under Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,541,478 shares of Lineage (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 3 because it is not traded in an active market. During the six months ended June 30, 2024, we received cash dividends of $3.0 million from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $404.9 million at both June 30, 2024 and December 31, 2023.

Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the six months ended June 30, 2024, we received liquidating distributions from our investment in shares of GCIF totaling $0.4 million, which reduced the cost basis of our investment. The fair value of our investment in shares of GCIF was $0.4 million and $0.8 million at June 30, 2024 and at December 31, 2023, respectively.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the six months ended June 30, 2024 or 2023. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		June 30, 2024				December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2 and 3	$	6,519,887	$	6,055,979	$	6,035,686	$	5,598,423
Non-recourse mortgages, net (a) (b) (d)	3	467,200		466,516		579,147		572,553

__________

(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $28.0 million and $21.0 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.2 million and less than $0.1 million at June 30, 2024 and December 31, 2023, respectively.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $25.6 million and $20.1 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $3.8 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively.

W. P. Carey 6/30/2024 10-Q – 22

Notes to Consolidated Financial Statements (Unaudited)

(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2026 (Note 10), but excluding finance receivables (Note 5), had fair values that approximated their carrying values at both June 30, 2024 and December 31, 2023.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2023 Annual Report.

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):

	Three Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

	Six Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

Impairment charges, and their related triggering events and fair value measurements, recognized during the three and six months ended June 30, 2024, were as follows (we did not incur any impairment charges during the three and six months ended June 30, 2023):

Real Estate

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2024 — During the three and six months ended June 30, 2024, we recognized impairment charges totaling $15.8 million on three properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024 (Note 15).

W. P. Carey 6/30/2024 10-Q – 23

Notes to Consolidated Financial Statements (Unaudited)

Note 9. Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility (Note 10) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2023 Annual Report. At both June 30, 2024 and December 31, 2023, no cash collateral had been posted nor received for any of our derivative positions.

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Foreign currency collars	Other assets, net	$	16,351	$	14,103	$	—	$	—
Interest rate swaps	Other assets, net	603		995		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(617)		(4,029)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(168)		(1,678)
		16,954		15,098		(785)		(5,707)
Derivatives Not Designated as Hedging Instruments
Foreign currency collars	Other assets, net	301		—		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(217)
		301		—		—		(217)
Total derivatives		$	17,255	$	15,098	$	(785)	$	(5,924)

W. P. Carey 6/30/2024 10-Q – 24

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in  Other Comprehensive Income (Loss) (a)
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2024		2023		2024		2023
Interest rate swaps	$	(447)	$	1,827	$	1,183	$	1,197
Foreign currency collars	332		(6,412)		5,660		(12,638)
Interest rate cap	—		1		—		(6)
Total	$	(115)	$	(4,584)	$	6,843	$	(11,447)

		Amount of Gain (Loss) on Derivatives Reclassified from  Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Foreign currency collars	Non-operating income	$	2,877	$	3,564	$	5,066	$	7,869
Interest rate swaps and cap	Interest expense	701		103		1,529		473
Total		$	3,578	$	3,667	$	6,595	$	8,342

__________

(a)Excludes net losses of less than $0.1 million and $0.4 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2024 and 2023, respectively, and net losses of $0.5 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.

Amounts reported in Other comprehensive (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of June 30, 2024, we estimate that an additional $0.5 million and $10.1 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Interest rate swaps	Interest expense	$	(727)	$	(131)	$	(1,587)	$	(537)
Foreign currency collars	Non-operating income	448		183		1,376		(16)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	25		98		517		(41)
Total		$	(254)	$	150	$	306	$	(594)

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans (Note 10) and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

W. P. Carey 6/30/2024 10-Q – 25

Notes to Consolidated Financial Statements (Unaudited)

The interest rate swaps that our consolidated subsidiaries had outstanding at June 30, 2024 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	3	21,268	USD	$	557
Interest rate swaps	5	544,327	EUR	(122)
				$	435

__________ 

(a)Fair value amounts are based on the exchange rate of the euro at June 30, 2024, as applicable.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 59 months or less.

The following table presents the foreign currency collars that we had outstanding at June 30, 2024 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024
Designated as Cash Flow Hedging Instruments
Foreign currency collars	51	256,000	EUR	$	14,322
Foreign currency collars	30	19,080	GBP	1,412
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	2	10,000	EUR	301
				$	16,035

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of June 30, 2024. At June 30, 2024, our total credit exposure and the maximum exposure to any single counterparty was $16.7 million and $3.0 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At June 30, 2024, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $0.8 million and $5.9 million at June 30, 2024 and December 31, 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at June 30, 2024 or December 31, 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.8 million and $6.0 million, respectively.

W. P. Carey 6/30/2024 10-Q – 26

Notes to Consolidated Financial Statements (Unaudited)

Net Investment Hedges

Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $37.4 million and $2.1 million for the three months ended June 30, 2024 and 2023, respectively, and $125.8 million and $(69.4) million for the six months ended June 30, 2024 and 2023, respectively.

Note 10. Debt

Term Loan Agreement

As of both June 30, 2024 and December 31, 2023, we had a €500.0 million unsecured term loan outstanding maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below.

Senior Unsecured Credit Facility

As of both June 30, 2024 and December 31, 2023, we had a multi-currency senior unsecured credit facility, comprised of (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2026 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of June 30, 2024, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At June 30, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $2.0 billion (net of amounts reserved for standby letters of credit totaling $5.8 million). We incur an annual facility fee of 0.15% of the total commitment on our Unsecured Revolving Credit Facility based on our credit ratings of BBB+ and Baa1, which is included within Interest expense in our consolidated statements of income.

W. P. Carey 6/30/2024 10-Q – 27

Notes to Consolidated Financial Statements (Unaudited)

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

Senior Unsecured Credit Facility	Interest Rate at June 30, 2024 (a)	Maturity Date at June 30, 2024	Principal Outstanding Balance at
			June 30, 2024		December 31, 2023
Unsecured Term Loans: (b)
Unsecured Term Loan due 2026 — borrowing in euros (c)	4.34%	4/24/2026	$	535,250	$	552,500
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)	SONIA + 0.85%	2/14/2028	341,495		343,306
EUR Term Loan due 2028 — borrowing in euros (e)	EURIBOR + 0.85%	2/14/2028	230,158		237,575
			1,106,903		1,133,381
Unsecured Revolving Credit Facility:
Borrowing in Japanese yen (f)	TIBOR + 0.775%	2/14/2029	15,005		17,035
Borrowing in euros	N/A	2/14/2029	—		386,750
			15,005		403,785
			$	1,121,908	$	1,537,166

__________

(a)The applicable interest rate at June 30, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1.

(b)Balance excludes unamortized discount of $6.2 million and $7.4 million at June 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.

(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through December 31, 2024. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2026 will be subject to a variable interest rate of EURIBOR + 0.85%.

(d)SONIA means Sterling Overnight Index Average.

(e)EURIBOR means Euro Interbank Offered Rate.

(f)TIBOR means Tokyo Interbank Offered Rate.

Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $6.6 billion at June 30, 2024 (the “Senior Unsecured Notes”).

On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 have an 8.2-year term and are scheduled to mature on July 23, 2032.

On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 have a 10.0-year term and are scheduled to mature on June 30, 2034.

W. P. Carey 6/30/2024 10-Q – 28

Notes to Consolidated Financial Statements (Unaudited)

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 to 35 basis points. The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2024 (currency in thousands):

		Principal Amount		Coupon Rate		Maturity Date	Principal Outstanding Balance at
Senior Unsecured Notes, net (a)	Issue Date						June 30, 2024		December 31, 2023
4.6% Senior Notes due 2024 (b)	3/14/2014	$	500,000	4.6	%	4/1/2024	$	—	$	500,000
2.25% Senior Notes due 2024 (c)	1/19/2017	€	500,000	2.25	%	7/19/2024	535,250		552,500
4.0% Senior Notes due 2025	1/26/2015	$	450,000	4.0	%	2/1/2025	450,000		450,000
2.25% Senior Notes due 2026	10/9/2018	€	500,000	2.25	%	4/9/2026	535,250		552,500
4.25% Senior Notes due 2026	9/12/2016	$	350,000	4.25	%	10/1/2026	350,000		350,000
2.125% Senior Notes due 2027	3/6/2018	€	500,000	2.125	%	4/15/2027	535,250		552,500
1.35% Senior Notes due 2028	9/19/2019	€	500,000	1.35	%	4/15/2028	535,250		552,500
3.85% Senior Notes due 2029	6/14/2019	$	325,000	3.85	%	7/15/2029	325,000		325,000
3.41% Senior Notes due 2029	9/28/2022	€	150,000	3.41	%	9/28/2029	160,575		165,750
0.95% Senior Notes due 2030	3/8/2021	€	525,000	0.95	%	6/1/2030	562,013		580,125
2.4% Senior Notes due 2031	10/14/2020	$	500,000	2.4	%	2/1/2031	500,000		500,000
2.45% Senior Notes due 2032	10/15/2021	$	350,000	2.45	%	2/1/2032	350,000		350,000
4.25% Senior Notes due 2032	5/16/2024	€	650,000	4.25	%	7/23/2032	695,825		—
3.7% Senior Notes due 2032	9/28/2022	€	200,000	3.7	%	9/28/2032	214,100		221,000
2.25% Senior Notes due 2033	2/25/2021	$	425,000	2.25	%	4/1/2033	425,000		425,000
5.375% Senior Notes due 2034	6/28/2024	$	400,000	5.375	%	6/30/2034	400,000		—
							$	6,573,513	$	6,076,875

__________

(a)Aggregate balance excludes unamortized deferred financing costs totaling $28.0 million and $21.1 million, and unamortized discount totaling $25.6 million and $20.1 million, at June 30, 2024 and December 31, 2023, respectively.

(b)In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity.

(c)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2023 Annual Report. We were in compliance with all of these covenants at June 30, 2024.

Non-Recourse Mortgages

At June 30, 2024, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.5% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.5% and 5.4%, respectively), with maturity dates ranging from August 2024 to February 2033.

In June 2024, we assumed a non-recourse mortgage loan with an outstanding principal balance of $21.9 million in connection with the acquisition of a property (Note 4). This mortgage loan has a fixed annual interest rate of 4.5% and a maturity date of February 6, 2028.

Repayments

During the six months ended June 30, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $84.9 million and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.8%.

W. P. Carey 6/30/2024 10-Q – 29

Notes to Consolidated Financial Statements (Unaudited)

Foreign Currency Exchange Rate Impact

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $150.5 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023 to June 30, 2024.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of June 30, 2024 are as follows (in thousands):

Years Ending December 31,	Total
2024 (remainder) (a)	$	602,952
2025	707,294
2026	1,510,520
2027	537,595
2028	1,156,892
Thereafter through 2034	3,651,313
Total principal payments	8,166,566
Unamortized discount, net	(35,570)
Unamortized deferred financing costs	(28,548)
Total	$	8,102,448

__________

(a)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2024.

Note 11. Commitments and Contingencies

At June 30, 2024, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Note 12. Stock-Based Compensation and Equity

Stock-Based Compensation

In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000 additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on June 14, 2024. Our 2017 Share Incentive Plan and certain other stock-based compensation plans that we maintain are more fully described in the 2023 Annual Report. We recorded stock-based compensation expense of $8.9 million and $9.0 million during the three months ended June 30, 2024 and 2023, respectively, and $17.8 million and $16.8 million during the six months ended June 30, 2024 and 2023, respectively, which was included in Stock-based compensation expense in the consolidated financial statements.

W. P. Carey 6/30/2024 10-Q – 30

Notes to Consolidated Financial Statements (Unaudited)

Restricted and Conditional Awards

Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at June 30, 2024 and changes during the six months ended June 30, 2024 were as follows:

	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2024	447,358	$	77.69	526,413	$	105.92
Granted (a)	266,896	64.95		213,645	82.95
Vested (b)	(158,231)	76.52		(309,670)	86.19
Forfeited	(3,393)	73.29		(2,795)	101.04
Adjustment (c)	—	—		36,984	89.07
Nonvested at June 30, 2024 (d)	552,630	$	71.45	464,577	$	112.29

__________

(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the six months ended June 30, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero.

(b)The grant date fair value of shares vested during the six months ended June 30, 2024 was $38.8 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2024 and December 31, 2023, we had an obligation to issue 1,389,682 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.4 million and $62.0 million, respectively.

(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at June 30, 2024 to reflect the number of shares expected to be issued when the PSUs vest.

(d)At June 30, 2024, total unrecognized compensation expense related to these awards was approximately $56.6 million, with an aggregate weighted-average remaining term of 2.0 years.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income — basic and diluted	$	142,895	$	144,620	$	302,118	$	439,000
Weighted-average shares outstanding — basic	220,195,910		215,075,114		220,113,753		213,522,150
Effect of dilutive securities	18,208		109,371		147,772		353,321
Weighted-average shares outstanding — diluted	220,214,118		215,184,485		220,261,525		213,875,471

For the three and six months ended June 30, 2024 and 2023, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

W. P. Carey 6/30/2024 10-Q – 31

Notes to Consolidated Financial Statements (Unaudited)

Acquisition of Noncontrolling Interest

On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the three and six months ended June 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.

ATM Program and Forward Equity

On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”).

During 2023, we settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Shares of common stock delivered	—		—		—		3,081,867
Net proceeds	$	—	$	—	$	—	$	249,806

W. P. Carey 6/30/2024 10-Q – 32

Notes to Consolidated Financial Statements (Unaudited)

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

	Three Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	16,082	$	(268,598)	$	(252,516)
Other comprehensive income before reclassifications	3,459		(24)		3,435
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,877)		—		(2,877)
Interest expense	(701)		—		(701)
Total	(3,578)		—		(3,578)
Net current period other comprehensive loss	(119)		(24)		(143)
Net current period other comprehensive loss attributable to noncontrolling interests	—		19		19
Ending balance	$	15,963	$	(268,603)	$	(252,640)

	Three Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	28,816	$	(313,374)	$	(284,558)
Other comprehensive income before reclassifications	(1,270)		9,479		8,209
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(3,564)		—		(3,564)
Interest expense	(103)		—		(103)
Total	(3,667)		—		(3,667)
Net current period other comprehensive income	(4,937)		9,479		4,542
Net current period other comprehensive loss attributable to noncontrolling interests	—		85		85
Ending balance	$	23,879	$	(303,810)	$	(279,931)

	Six Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	9,650	$	(264,517)	$	(254,867)
Other comprehensive income before reclassifications	12,908		(4,362)		8,546
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(5,066)		—		(5,066)
Interest expense	(1,529)		—		(1,529)
Total	(6,595)		—		(6,595)
Net current period other comprehensive income	6,313		(4,362)		1,951
Net current period other comprehensive loss attributable to noncontrolling interests	—		276		276
Ending balance	$	15,963	$	(268,603)	$	(252,640)

W. P. Carey 6/30/2024 10-Q – 33

Notes to Consolidated Financial Statements (Unaudited)

	Six Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	36,079	$	(319,859)	$	(283,780)
Other comprehensive income before reclassifications	(3,858)		15,936		12,078
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(7,869)		—		(7,869)
Interest expense	(473)		—		(473)
Total	(8,342)		—		(8,342)
Net current period other comprehensive income	(12,200)		15,936		3,736
Net current period other comprehensive loss attributable to noncontrolling interests	—		113		113
Ending balance	$	23,879	$	(303,810)	$	(279,931)

See Note 9 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Dividends Declared

During the second quarter of 2024, our board of directors declared a quarterly dividend of $0.870 per share, which was paid on July 15, 2024 to stockholders of record as of June 28, 2024.

During the six months ended June 30, 2024, we declared dividends totaling $1.735 per share.

Note 13. Income Taxes

We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and six months ended June 30, 2024 and 2023.

Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three and six months ended June 30, 2024 and 2023.

Current income tax expense was $7.6 million and $12.9 million for the three months ended June 30, 2024 and 2023, respectively, and $17.7 million and $23.6 million for the six months ended June 30, 2024 and 2023, respectively. Deferred income tax benefit (expense) was $1.4 million and $2.7 million for the three months ended June 30, 2024 and 2023, respectively, and $2.8 million and $(1.6) million for the six months ended June 30, 2024 and 2023, respectively.

W. P. Carey 6/30/2024 10-Q – 34

Notes to Consolidated Financial Statements (Unaudited)

Note 14. Property Dispositions

We implemented the Office Sale Program in September 2023, which is substantially completed (Note 1).

All property dispositions are also discussed in Note 4 and Note 5.

2024 — During the three and six months ended June 30, 2024, we sold 12 and 165 properties, respectively, for total proceeds, net of selling costs, of $133.7 million and $1.0 billion, respectively, and recognized a net gain on these sales totaling $39.4 million and $54.8 million, respectively (inclusive of income taxes totaling less than $0.1 million and $3.1 million, respectively, recognized upon sale). One of the properties sold during the second quarter of 2024 was a hotel operating property.

This disposition activity for the three and six months ended June 30, 2024 includes the sale of three and 75 properties, respectively, under the Office Sale Program for total proceeds, net of selling costs, of $61.9 million and $451.9 million, respectively, resulting in a net (loss) gain on these sales totaling $(1.7) million and $0.4 million, respectively.

2023 — During the three and six months ended June 30, 2023, we sold three and eight properties, respectively, for total proceeds, net of selling costs, of $3.1 million and $44.1 million, respectively, and recognized a net gain on these sales totaling $1.8 million and $3.4 million, respectively.

Note 15. Subsequent Events

Senior Unsecured Notes Repayment

In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 10).

Acquisitions

In July 2024, we completed two acquisitions totaling approximately $67.3 million. They are as follows:

•$38.0 million for four properties (three industrial, one retail) in the United States, which is part of the portfolio acquisition we completed during the second quarter of 2024 (Note 4); and

•$29.3 million for a portfolio of 114 grocery stores in Poland.

Dispositions

In July 2024, we sold four properties for gross proceeds totaling approximately $74.9 million. Two of these properties were sold pursuant to the Office Sale Program for gross proceeds totaling $50.9 million (Note 1), one of which was classified as held for sale as of June 30, 2024 (Note 4).

W. P. Carey 6/30/2024 10-Q – 35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the 2023 Annual Report and subsequent reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Refer to Item 1 of the 2023 Annual Report for a description of our business.

Significant Developments

Management Change

On July 10, 2024, we announced that John J. Park will step down as President of the Company effective September 30, 2024. The separate role of President will be eliminated, and the title will be assumed by Jason E. Fox, the Company’s Chief Executive Officer, effective October 1, 2024. Mr. Park will remain Senior Advisor to the Company through February 28, 2025.

Financial Highlights

During the six months ended June 30, 2024, we completed the following (as further described in the consolidated financial statements):

Real Estate

Investments

•We acquired ten investments totaling $535.2 million (Note 4, Note 5).

•We completed three construction projects at a cost totaling $33.2 million (Note 4).

•We funded approximately $4.9 million for a construction loan to build a retail complex in Las Vegas, Nevada, during the six months ended June 30, 2024. Through June 30, 2024, we have funded $236.3 million (Note 7).

•We committed to fund a redevelopment project for $44.1 million. We currently expect to complete the project in 2025 (Note 4).

Dispositions

•We disposed of 165 properties for total proceeds, net of selling costs, of $1.0 billion, including (i) our portfolio of 78 U-Haul properties for total proceeds, net of selling costs, of $464.1 million, (ii) 75 properties sold under the Office Sale Program for total proceeds, net of selling costs, of $451.9 million, and (iii) 12 additional properties for total proceeds, net of selling costs, of $87.0 million (Note 14).

Financing and Capital Markets Transactions

•In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity (Note 10).

•On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 have an 8.2-year term and are scheduled to mature on July 23, 2032 (Note 10).

•On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 have a 10.0-year term and are scheduled to mature on June 30, 2034 (Note 10).

•We repaid non-recourse mortgage debt outstanding totaling $118.7 million with a weighted-average interest rate of 4.8% (Note 10).

Dividends to Stockholders

We declared cash dividends totaling $1.735 per share during the six months ended June 30, 2024, comprised of two quarterly dividends per share of $0.865 and $0.870 (Note 12).

W. P. Carey 6/30/2024 10-Q – 36

Consolidated Results

(in thousands, except shares)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total revenues	$	389,672	$	452,578	$	779,470	$	880,368
Net income attributable to W. P. Carey	142,895		144,620		302,118		439,000
Dividends declared	192,046		230,405		382,993		460,375
Net cash provided by operating activities (a)					1,256,595		530,334
Net cash used in investing activities					(387,164)		(905,618)
Net cash (used in) provided by financing activities					(318,016)		435,521
Supplemental financial measures (b):
Adjusted funds from operations attributable to W. P. Carey (AFFO)	257,099		293,306		508,991		572,525
Diluted weighted-average shares outstanding	220,214,118		215,184,485		220,261,525		213,875,471

__________

(a)Amount for the six months ended June 30, 2024 includes $807.1 million of proceeds from the sales of net investments in sales-type leases (U-Haul and State of Andalusia portfolios) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.

(b)We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by GAAP (a “non-GAAP measure”), to be an important measure in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Revenues

Total revenues decreased for the three and six months ended June 30, 2024 as compared to the same periods in 2023, primarily due to lower lease revenues (substantially as a result of the Spin-Off and the Office Sale Program (Note 1)) and lower operating property revenue (substantially as a result of dispositions of hotel operating properties) (Note 4).

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey decreased for the three months ended June 30, 2024 as compared to the same period in 2023, primarily due to the impact of the Spin-Off and the Office Sale Program, and impairment charges recognized during the current year period, partially offset by higher gain on sale of real estate.

Net income attributable to W. P. Carey decreased for the six months ended June 30, 2024 as compared to the same period in 2023, primarily due to lower gain on sale of real estate, the impact of the Spin-Off and the Office Sale Program, and impairment charges recognized during the current year period.

AFFO

AFFO decreased for the three and six months ended June 30, 2024 as compared to the same periods in 2023, primarily due to the impact of the Spin-Off and Office Sale Program, as well as certain lease restructurings and property vacancies.

W. P. Carey 6/30/2024 10-Q – 37

Portfolio Overview

Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Northern and Western Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary

Net-leased Properties	June 30, 2024			December 31, 2023
ABR (in thousands)	$	1,294,521		$	1,339,352
Number of net-leased properties	1,291			1,424
Number of tenants	346			336
Total square footage (in thousands)	170,133			172,668
Occupancy	98.8		%	98.1		%
Weighted-average lease term (in years)	12.0			11.7
Operating Properties
Number of operating properties:	95			96
Number of self-storage operating properties	89			89
Number of hotel operating properties	4			5
Number of student housing operating properties	2			2
Occupancy (self-storage operating properties)	90.5		%	90.3		%
Number of countries	26			26
Total assets (in thousands)	$	17,769,285		$	17,976,783
Net investments in real estate (in thousands)	14,092,672			14,913,899

	Six Months Ended June 30,
	2024		2023
Acquisition volume (in millions) (a)	$	540.1	$	918.5
Construction projects completed (in millions)	33.2		20.6
Average U.S. dollar/euro exchange rate	1.0811		1.0805
Average U.S. dollar/British pound sterling exchange rate	1.2651		1.2330

_________

(a)Amounts for the six months ended June 30, 2024 and 2023 include $4.9 million and $23.7 million, respectively, of funding for a construction loan (Note 7). Amount for the six months ended June 30, 2024 includes $83.9 million of sale-leasebacks classified as loans receivable (Note 5).

W. P. Carey 6/30/2024 10-Q – 38

Net-Leased Portfolio

The tables below represent information about our net-leased portfolio at June 30, 2024 on a pro rata basis and, accordingly, exclude all operating properties. See Terms and Definitions below for a description of pro rata amounts and ABR.

Top Ten Tenants by ABR

(dollars in thousands)

Tenant/Lease Guarantor	Description	Number of Properties	ABR		ABR Percent		Weighted-Average Lease Term (Years)
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	$	32,473	2.5	%	18.7
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	27,838		2.1	%	4.3
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	27	25,808		2.0	%	19.8
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	35	25,302		2.0	%	19.7
ABC Technologies Holdings Inc. (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,978		1.9	%	18.8
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia leased to European food retailer	19	24,587		1.9	%	9.8
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	24,421		1.9	%	6.9
Nord Anglia Education, Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	22,963		1.8	%	19.2
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	22,695		1.8	%	19.4
Eroski Sociedad Cooperativa (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	21,140		1.6	%	11.7
		242	$	252,205	19.5	%	14.9

__________

(a)ABR from these properties is denominated in U.S. dollars.

(b)ABR amounts are subject to fluctuations in foreign currency exchange rates.

(c)During the first quarter of 2024, we entered into a lease restructuring with Hellweg Die Profi-Baumärkte GmbH & Co. KG (“Hellweg”), which included (i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent, and (iii) a seven-year lease extension, with a new lease maturity of February 2044.

(d)Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in Mexico.

W. P. Carey 6/30/2024 10-Q – 39

Portfolio Diversification by Geography

(in thousands, except percentages)

Region	ABR		ABR Percent		Square Footage (a)	Square Footage Percent
United States
Midwest
Illinois	$	62,230	4.8	%	9,892	5.8	%
Ohio	40,595		3.1	%	8,275	4.9	%
Indiana	31,556		2.4	%	5,516	3.2	%
Michigan	25,262		2.0	%	4,423	2.6	%
Wisconsin	15,423		1.2	%	2,904	1.7	%
Other (b)	47,983		3.7	%	7,127	4.2	%
Total Midwest	223,049		17.2	%	38,137	22.4	%
South
Texas	79,957		6.2	%	10,426	6.1	%
Florida	36,711		2.8	%	3,134	1.8	%
Georgia	25,413		2.0	%	4,067	2.4	%
Tennessee	23,900		1.9	%	3,864	2.3	%
Alabama	22,549		1.7	%	3,394	2.0	%
Other (b)	15,880		1.2	%	2,300	1.4	%
Total South	204,410		15.8	%	27,185	16.0	%
East
North Carolina	36,998		2.9	%	8,226	4.8	%
Pennsylvania	31,028		2.4	%	3,375	2.0	%
New York	20,492		1.6	%	2,220	1.3	%
South Carolina	19,356		1.5	%	4,952	2.9	%
Kentucky	18,645		1.4	%	3,141	1.8	%
Massachusetts	16,248		1.3	%	1,188	0.7	%
New Jersey	14,364		1.1	%	835	0.5	%
Other (b)	33,516		2.6	%	5,219	3.1	%
Total East	190,647		14.8	%	29,156	17.1	%
West
California	55,782		4.3	%	5,669	3.3	%
Arizona	20,880		1.6	%	2,269	1.4	%
Utah	14,755		1.1	%	2,021	1.2	%
Other (b)	53,350		4.1	%	4,925	2.9	%
Total West	144,767		11.1	%	14,884	8.8	%
United States Total	762,873		58.9	%	109,362	64.3	%
International
Germany	61,629		4.8	%	6,323	3.7	%
The Netherlands	60,852		4.7	%	7,054	4.1	%
Poland	59,599		4.6	%	8,157	4.8	%
Italy	58,750		4.5	%	8,183	4.8	%
Canada (c)	51,617		4.0	%	4,804	2.8	%
United Kingdom	47,318		3.7	%	4,266	2.5	%
Spain	35,172		2.7	%	3,073	1.8	%
Croatia	25,414		2.0	%	2,063	1.2	%
Denmark	24,792		1.9	%	3,002	1.8	%
France	21,913		1.7	%	1,679	1.0	%
Mexico	13,592		1.1	%	2,489	1.5	%
Lithuania	13,410		1.0	%	1,640	1.0	%
Other (d)	57,590		4.4	%	8,038	4.7	%
International Total	531,648		41.1	%	60,771	35.7	%
Total	$	1,294,521	100.0	%	170,133	100.0	%

W. P. Carey 6/30/2024 10-Q – 40

Portfolio Diversification by Property Type

(in thousands, except percentages)

Property Type	ABR		ABR Percent		Square Footage (a)	Square Footage Percent
Industrial	$	458,402	35.4	%	71,930	42.3	%
Warehouse	368,884		28.5	%	66,526	39.1	%
Retail (e)	276,572		21.4	%	21,140	12.4	%
Other (f)	190,663		14.7	%	10,537	6.2	%
Total	$	1,294,521	100.0	%	170,133	100.0	%

__________

(a)Includes square footage for any vacant properties.

(b)Other properties within Midwest include assets in Minnesota, Iowa, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within South include assets in Louisiana, Arkansas, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Connecticut, Maryland, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Oregon, Colorado, Washington, Nevada, Hawaii, Idaho, Montana, Wyoming, and New Mexico.

(c)$48.2 million (93%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

(d)Includes assets in Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Finland, Sweden, Latvia, Japan, and Estonia.

(e)Includes automotive dealerships.

(f)Includes ABR from tenants within the following property types: education facility, specialty, office, self-storage (net lease), laboratory, hotel (net lease), research and development, and land.

W. P. Carey 6/30/2024 10-Q – 41

Portfolio Diversification by Tenant Industry

(in thousands, except percentages)

Industry Type	ABR		ABR Percent		Square Footage	Square Footage Percent
Retail Stores (a)	$	300,723	23.2	%	37,095	21.8	%
Beverage and Food	108,156		8.4	%	14,988	8.8	%
Consumer Services	104,498		8.1	%	5,735	3.4	%
Automotive	98,546		7.6	%	15,017	8.8	%
Grocery	84,403		6.5	%	7,406	4.4	%
Healthcare and Pharmaceuticals	72,451		5.6	%	6,594	3.9	%
Containers, Packaging, and Glass	58,392		4.5	%	9,966	5.9	%
Capital Equipment	50,463		3.9	%	8,858	5.2	%
Cargo Transportation	47,322		3.7	%	7,723	4.5	%
Construction and Building	45,681		3.5	%	8,443	5.0	%
Durable Consumer Goods	44,461		3.4	%	9,715	5.7	%
Hotel and Leisure	43,506		3.4	%	2,137	1.3	%
Non-Durable Consumer Goods	38,630		3.0	%	8,000	4.7	%
Chemicals, Plastics, and Rubber	33,783		2.6	%	6,131	3.6	%
High Tech Industries	32,655		2.5	%	4,479	2.6	%
Business Services	31,566		2.4	%	3,415	2.0	%
Metals	28,735		2.2	%	4,976	2.9	%
Wholesale	14,823		1.2	%	2,614	1.5	%
Telecommunications	14,266		1.1	%	1,500	0.9	%
Other (b)	41,461		3.2	%	5,341	3.1	%
Total	$	1,294,521	100.0	%	170,133	100.0	%

__________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, sovereign and public finance, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking, and electricity. Also includes square footage for vacant properties.

W. P. Carey 6/30/2024 10-Q – 42

Lease Expirations

(in thousands, except percentages, number of leases, and number of tenants)

Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR Percent		Square Footage	Square Footage Percent
Remaining 2024	12	11	$	11,499	0.9	%	1,826	1.1	%
2025	34	16	42,836		3.3	%	5,621	3.3	%
2026	38	29	59,980		4.6	%	8,539	5.0	%
2027	43	26	62,471		4.8	%	7,149	4.2	%
2028	41	25	53,893		4.2	%	4,465	2.6	%
2029	62	35	76,721		5.9	%	9,421	5.5	%
2030	33	29	36,978		2.9	%	3,964	2.3	%
2031	36	20	68,132		5.3	%	8,448	5.0	%
2032	39	20	41,739		3.2	%	5,835	3.4	%
2033	29	22	77,795		6.0	%	11,791	6.9	%
2034	56	25	79,459		6.1	%	9,509	5.6	%
2035	16	14	30,481		2.4	%	5,572	3.3	%
2036	44	18	69,813		5.4	%	10,827	6.4	%
2037	27	15	35,456		2.7	%	4,665	2.8	%
Thereafter (>2037)	269	116	547,268		42.3	%	70,473	41.4	%
Vacant	—	—	—		—	%	2,028	1.2	%
Total	779		$	1,294,521	100.0	%	170,133	100.0	%

__________

(a)Assumes tenants do not exercise any renewal options or purchase options.

Terms and Definitions

Pro Rata Metrics — The portfolio information above contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues, and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the portfolio metrics of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments.

ABR — ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of June 30, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.

Results of Operations

Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business (Note 1).

We evaluate our results of operations with a primary focus on increasing and enhancing the value, quality, and number of our properties. We focus our efforts on accretive investing and improving portfolio quality through re-leasing efforts, including negotiation of lease renewals, or selectively selling assets in order to increase value in our real estate portfolio.

W. P. Carey 6/30/2024 10-Q – 43

Revenues

The following table presents revenues (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024		2023		Change		2024		2023		Change
Real Estate Revenues
Lease revenues from:
Existing net-leased properties	$	287,066	$	288,203	$	(1,137)	$	574,825	$	569,699	$	5,126
Recently acquired net-leased properties	35,501		17,788		17,713		66,157		19,689		46,468
Net-leased properties sold, held for sale, derecognized, or reclassified to operating properties	1,537		63,133		(61,596)		5,373		132,072		(126,699)
Total lease revenues (includes reimbursable tenant costs)	324,104		369,124		(45,020)		646,355		721,460		(75,105)
Income from finance leases and loans receivable	14,961		27,311		(12,350)		40,754		48,066		(7,312)
Operating property revenues from:
Existing operating properties	29,477		29,404		73		57,877		57,164		713
Operating properties recently reclassified from net-leased properties or recently acquired	7,804		6,976		828		14,505		10,837		3,668
Operating properties sold, held for sale, or derecognized	1,434		14,296		(12,862)		2,976		23,561		(20,585)
Total operating property revenues	38,715		50,676		(11,961)		75,358		91,562		(16,204)
Other lease-related income	9,149		5,040		4,109		11,304		18,413		(7,109)
Investment Management Revenues
Asset management revenue	1,686		303		1,383		3,579		642		2,937
Other advisory income and reimbursements	1,057		124		933		2,120		225		1,895
	$	389,672	$	452,578	$	(62,906)	$	779,470	$	880,368	$	(100,898)

W. P. Carey 6/30/2024 10-Q – 44

Lease Revenues

“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold, held for sale, derecognized, or reclassified to operating properties during the periods presented. For the periods presented, there were 1,101 existing net-leased properties.

For the three months ended June 30, 2024 as compared to the same period in 2023, lease revenues from existing net-leased properties decreased due to the following items (in millions):

For the six months ended June 30, 2024 as compared to the same period in 2023, lease revenues from existing net-leased properties decreased due to the following items (in millions):

__________

(a)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.

(b)During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which included abated rent from January 1, 2024 to March 31, 2024 and the reclassification of 13 properties leased to this tenant from direct financing leases to operating leases (Note 5).

W. P. Carey 6/30/2024 10-Q – 45

“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2022 and that were not sold or held for sale during the periods presented. Since January 1, 2023, we acquired 22 investments (comprised of 95 properties).

“Net-leased properties sold, held for sale, derecognized, or reclassified to operating properties” include:

•164 net-leased properties disposed of during the six months ended June 30, 2024;

•one net-leased property classified as held for sale at June 30, 2024, which was sold in July 2024 (Note 4, Note 15);

•23 net-leased properties disposed of during the year ended December 31, 2023;

•59 net-leased properties derecognized in connection with the Spin-Off (Note 1); and

•a portfolio of 12 net-leased hotel properties that converted to operating properties in the first quarter of 2023 upon expiration of the master lease with the Marriott Corporation, after which we began recognizing operating property revenues and expenses from these properties (eight of these properties were sold during the third and fourth quarters of 2023 and one property was sold during the second quarter of 2024).

Our dispositions are more fully described in Note 14.

W. P. Carey 6/30/2024 10-Q – 46

Income from Finance Leases and Loans Receivable

For the three and six months ended June 30, 2024 as compared to the same periods in 2023, income from finance leases and loans receivable decreased due to the following items (in millions):

__________

(a)We sold our U-Haul and State of Andalusia portfolios during the first quarter of 2024. Such investments were previously reclassified to net investments in sales-type leases during 2023 (Note 5).

(b)Amount is primarily related to a lease restructuring we entered into with our tenant Hellweg during the first quarter of 2024, which resulted in the reclassification of 13 properties leased to this tenant from direct financing leases to operating leases (Note 5).

W. P. Carey 6/30/2024 10-Q – 47

Operating Property Revenues and Expenses

“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold or held for sale during the periods presented. For the periods presented, we recorded operating property revenues from 78 existing operating properties, comprised of 75 self-storage operating properties (which excludes nine self-storage properties accounted for under the equity method), two student housing operating properties, and one hotel operating property.

“Operating properties recently reclassified from net-leased properties or recently acquired” include (i) three net-leased hotel properties that converted to operating properties in the first quarter of 2023 (after which we began recognizing operating property revenues and expenses from these properties) and (ii) five self-storage operating properties acquired during 2023.

“Operating properties sold, held for sale, or derecognized” are comprised of (i) nine hotel operating properties disposed of during 2023 and 2024 and (ii) a parking garage attached to a net-leased property that was derecognized in connection with the Spin-Off.

Other Lease-Related Income

Other lease-related income is described in Note 4.

Asset Management Revenue

During the periods presented, we earned asset management revenue from (i) NLOP (upon closing of the Spin-Off on November 1, 2023) and (ii) CESH (Note 3). Asset management revenues from NLOP and CESH are expected to decline as assets are sold (CESH owns one remaining build-to-suit project).

Other Advisory Income and Reimbursements

Other advisory income and reimbursements are comprised of (i) fixed administrative fees earned from NLOP (upon closing of the Spin-Off on November 1, 2023) and (ii) reimbursable costs from CESH (Note 3).

Operating Expenses

Depreciation and Amortization

For the three and six months ended June 30, 2024 as compared to the same periods in 2023, depreciation and amortization expense decreased primarily due to the impact of the Spin-Off, the Office Sale Program, and other dispositions, partially offset by the impact of property acquisition activity and certain tenant vacancies (amortization of intangible assets for such properties was accelerated upon vacancy).

Impairment Charges — Real Estate

Our impairment charges on real estate are more fully described in Note 8.

Property Expenses, Excluding Reimbursable Tenant Costs

For the three and six months ended June 30, 2024 as compared to the same periods in 2023, property expenses, excluding reimbursable tenant costs, increased by $8.6 million and $8.0 million, respectively, primarily due to the release of real estate taxes accrued for a cash basis tenant during the prior year periods. The tenant was previously not current on real estate taxes due, and repaid the outstanding amount in the second quarter of 2023.

Stock-Based Compensation Expense

For the six months ended June 30, 2024 as compared to the same period in 2023, stock-based compensation expense increased by $1.0 million, primarily due to changes in the projected payout for PSUs and higher amortization of RSUs.

W. P. Carey 6/30/2024 10-Q – 48

Merger and Other Expenses

For the six months ended June 30, 2024, merger and other expenses are primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.

Other Income and Expenses, and Provision for Income Taxes

Interest Expense

For the three and six months ended June 30, 2024 as compared to the same periods in 2023, interest expense decreased by $10.2 million and $8.7 million, respectively, primarily due to (i) the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $486.7 million of non-recourse mortgage loans with a weighted-average interest rate of 4.9% since January 1, 2023 (Note 10), (ii) the derecognition of non-recourse mortgage loans with an aggregate carrying value totaling $164.7 million in connection with the Spin-Off on November 1, 2023, (iii) lower outstanding balances on our Unsecured Revolving Credit Facility, and (iv) the repayment of our $500 million of 4.6% Senior Notes on April 1, 2024, partially offset by our Unsecured Term Loan due 2026 that we entered into in April 2023 (Note 10).

The following table presents certain information about our outstanding debt (dollars in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Average outstanding debt balance	$	7,844,471		$	8,633,387		$	7,888,323		$	8,412,813
Weighted-average interest rate	3.1		%	3.2		%	3.1		%	3.1		%

Gain on Sale of Real Estate, Net

Gain on sale of real estate, net, consists of gains and losses on the sale of properties that were (i) disposed of or (ii) subject to the exercise of a purchase option during the reporting period, as more fully described in Note 4, Note 5 and Note 14.

Non-Operating Income

Non-operating income primarily consists of interest income on our cash deposits, realized gains and losses on derivative instruments, and dividends from equity securities.

The following table presents non-operating income (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024		2023		Change		2024		2023		Change
Non-Operating Income
Interest income on our cash deposits (a)	$	5,891	$	762	$	5,129	$	15,247	$	1,283	$	13,964
Realized gains on foreign currency collars (Note 9)	3,324		3,747		(423)		6,441		7,852		(1,411)
Cash dividends from our investment in Lineage (Note 8)	—		—		—		3,032		—		3,032
	$	9,215	$	4,509	$	4,706	$	24,720	$	9,135	$	15,585

__________

(a)Increases for the three and six months ended June 30, 2024 as compared to the same periods in 2023 are due to higher cash deposit balances as a result of proceeds from issuances of Senior Unsecured Notes (Note 10), the Spin-Off, the Office Sale Program, and other dispositions.

W. P. Carey 6/30/2024 10-Q – 49

Earnings from Equity Method Investments

Our equity method investments are more fully described in Note 7. The following table presents earnings from equity method investments (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024		2023		Change		2024		2023		Change
Earnings from Equity Method Investments
Earnings from Las Vegas Retail Complex (a)	$	5,234	$	2,576	$	2,658	$	8,329	$	5,868	$	2,461
Earnings from Johnson Self Storage	1,213		1,119		94		2,349		2,224		125
Earnings from Harmon Retail Center	213		210		3		429		426		3
Earnings from Kesko Senukai (b)	(24)		450		(474)		393		1,073		(680)
	$	6,636	$	4,355	$	2,281	$	11,500	$	9,591	$	1,909

__________

(a)Increase is due to funding of this construction loan since January 1, 2023, which has an interest rate of 6.0%.

(b)Decrease is due to higher interest expense as a result of refinancing the non-recourse mortgage loan encumbering the properties during the second quarter of 2024.

Other Gains and (Losses)

Other gains and (losses) primarily consists of gains and losses on (i) foreign currency exchange rate movements, (ii) extinguishment of debt, and (iii) the mark-to-market fair value of equity securities, as well as changes in the allowance for credit losses on finance receivables. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation. Certain of our foreign currency-denominated unsecured debt instruments were designated as net investment hedges during the three and six months ended June 30, 2024 and 2023. Therefore, no gains and losses on foreign currency exchange rate movements were recognized on the remeasurement of such instruments during those periods (Note 9).

The following table presents other gains and (losses) (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024		2023		Change		2024		2023		Change
Other Gains and (Losses)
Net realized and unrealized gains (losses) on foreign currency exchange rate movements (a)	$	1,369	$	(1,102)	$	2,471	$	262	$	1,379	$	(1,117)
Change in allowance for credit losses on finance receivables (Note 5)	1,094		209		885		5,097		3,629		1,468
Gain (loss) on extinguishment of debt	37		(91)		128		(58)		2,662		(2,720)
Gain on repayment of secured loan receivable (b)	—		—		—		10,650		—		10,650
Other	4		(382)		386		392		(936)		1,328
	$	2,504	$	(1,366)	$	3,870	$	16,343	$	6,734	$	9,609

__________

(a)Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in other gains and (losses). This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement. Beginning in the first quarter of 2023, our intercompany loans subject to remeasurement were hedged by certain of our foreign currency-denominated unsecured debt that we de-designated as net investment hedges.

(b)We acquired a secured loan receivable with a fair value of $13.3 million in our merger with a former affiliate, Corporate Property Associates 17 – Global Incorporated, in October 2018, for which the outstanding principal of $24.0 million was fully repaid to us in March 2024 (Note 5). Therefore, we recorded a $10.7 million gain on repayment of this secured loan receivable during the six months ended June 30, 2024.

W. P. Carey 6/30/2024 10-Q – 50

Provision for Income Taxes

For the three and six months ended June 30, 2024 as compared to the same periods in 2023, provision for income taxes decreased by $3.9 million and $10.4 million, primarily due to (i) the impact of international office property dispositions and (ii) the release of deferred tax assets in connection with the tax restructuring of certain international properties during the six months ended June 30, 2023.

Liquidity and Capital Resources

Sources and Uses of Cash During the Period

We use the cash flow generated from our investments primarily to meet our operating expenses, service debt, and fund dividends to stockholders. Our cash flows fluctuate periodically due to a number of factors, which may include, among other things: the timing of our equity and debt offerings; the timing of purchases and sales of real estate; the timing of the repayment of mortgage loans, our Senior Unsecured Notes, and our Unsecured Term Loans; the timing of our receipt of lease revenues; the timing and amount of other lease-related payments; the timing of settlement of foreign currency transactions; changes in foreign currency exchange rates; and the timing of distributions from equity method investments. Despite these fluctuations, we believe that we will generate sufficient cash from operations to meet our normal recurring short-term liquidity needs. We may also use existing cash resources, available capacity under our Senior Unsecured Credit Facility, proceeds from term loans or other bank debt, proceeds from dispositions of properties (including the Office Sale Program (Note 1)), and the issuance of additional debt or equity securities, such as issuances of common stock through our ATM Program (Note 12), in order to meet our short-term and long-term liquidity needs. We assess our ability to access capital on an ongoing basis. Our sources and uses of cash during the period are described below.

Operating Activities — Net cash provided by operating activities increased by $726.3 million during the six months ended June 30, 2024 as compared to the same period in 2023, primarily due to $807.1 million of proceeds received from the sales of net investments in sales-types leases during the current year period (Note 5), partially offset by the impact of the Spin-Off and Office Sale Program (Note 1).

Investing Activities — Our investing activities are generally comprised of real estate-related transactions (purchases and sales) and funding for build-to-suit activities and other capital expenditures on real estate. We also received $24.0 million from the repayment of a loan receivable (Note 5).

Financing Activities — Our financing activities are generally comprised of borrowings and repayments under our Unsecured Revolving Credit Facility and Unsecured Term Loans, issuances and repayments of the Senior Unsecured Notes, payments and prepayments of non-recourse mortgage loans, issuances of common equity, and payments of dividends to stockholders.

W. P. Carey 6/30/2024 10-Q – 51

Summary of Financing

The table below summarizes our Senior Unsecured Notes, our non-recourse mortgages, and our Senior Unsecured Credit Facility (dollars in thousands):

	June 30, 2024			December 31, 2023
Carrying Value
Fixed rate:
Senior Unsecured Notes (a)	$	6,519,887		$	6,035,686
Unsecured Term Loans subject to interest rate swaps (a)	532,592			549,109
Non-recourse mortgages (a) (b)	439,752			513,863
	7,492,231			7,098,658
Variable rate:
Unsecured Term Loans (a)	567,764			576,455
Unsecured Revolving Credit Facility	15,005			403,785
Non-recourse mortgages (a)	27,448			65,284
	610,217			1,045,524
	$	8,102,448		$	8,144,182
Percent of Total Debt
Fixed rate	92		%	87		%
Variable rate	8		%	13		%
	100		%	100		%
Weighted-Average Interest Rate at End of Period
Fixed rate	3.1		%	2.9		%
Variable rate (c)	5.3		%	5.1		%
Total debt	3.2		%	3.2		%

__________

(a)Aggregate debt balance includes unamortized discount, net, totaling $35.6 million and $31.8 million as of June 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs totaling $28.5 million and $21.5 million as of June 30, 2024 and December 31, 2023, respectively.

(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $68.4 million and $45.0 million as of June 30, 2024 and December 31, 2023, respectively.

(c)The impact of our interest rate caps is reflected in the weighted-average interest rates.

Cash Resources

At June 30, 2024, our cash resources consisted of the following:

•cash and cash equivalents totaling $1.1 billion. Of this amount, $598.9 million, at then-current exchange rates, was held in foreign subsidiaries, and we could be subject to restrictions or significant costs should we decide to repatriate these amounts;

•funds totaling $106.9 million that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2);

•our Unsecured Revolving Credit Facility, with available capacity of approximately $2.0 billion (net of amounts reserved for standby letters of credit totaling $5.8 million); and

•unleveraged properties that had an aggregate asset carrying value of approximately $13.0 billion at June 30, 2024, although there can be no assurance that we would be able to obtain financing for these properties.

We may also access the capital markets through additional debt (denominated in both U.S. dollars and euros) and equity offerings, as well as term loans and other bank debt.

W. P. Carey 6/30/2024 10-Q – 52

Our cash resources can be used for working capital needs and other commitments and may be used for future investments.

Cash Requirements and Liquidity

As of June 30, 2024, we had (i) $1.1 billion of cash and cash equivalents, (ii) $106.9 million of funds that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2), and (iii) approximately $2.0 billion of available capacity under our Unsecured Revolving Credit Facility (net of amounts reserved for standby letters of credit totaling $5.8 million). As of June 30, 2024, scheduled debt principal payments total $603.0 million during the remainder of 2024 (including €500 million of senior notes that were repaid in July 2024 (Note 15)) and $707.3 million during 2025 (Note 10).

During the next 12 months following June 30, 2024 and thereafter, we expect that our significant cash requirements will include:

•paying dividends to our stockholders;

•funding acquisitions of new investments (Note 4);

•funding future capital commitments (Note 4) and tenant improvement allowances;

•making scheduled principal and balloon payments on our debt obligations, including (i) €500 million of senior notes that were repaid in July 2024 (Note 15) and (ii) $450 million of senior notes due in February 2025 (Note 10);

•making scheduled interest payments on our debt obligations (future interest payments total $1.2 billion, with $242.9 million due during the next 12 months; interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding at June 30, 2024); and

•other normal recurring operating expenses.

We expect to fund these cash requirements through cash generated from operations, cash received from dispositions of properties, the use of our cash reserves or unused amounts on our Unsecured Revolving Credit Facility (as described above), proceeds from term loans or other bank debt, issuances of common stock through our ATM Program (Note 12), and potential issuances of additional debt or equity securities. We may also choose to prepay certain of our non-recourse mortgage loan obligations, depending on our capital needs and market conditions at that time.

Our liquidity could be adversely affected by unanticipated costs and greater-than-anticipated operating expenses. To the extent that our working capital reserve is insufficient to satisfy our cash requirements, additional funds may be provided from cash from operations to meet our normal recurring short-term and long-term liquidity needs. We may also use existing cash resources, available capacity under our Unsecured Revolving Credit Facility, mortgage loan proceeds, and the issuance of additional debt or equity securities to meet these needs.

Certain amounts disclosed above are based on the applicable foreign currency exchange rate at June 30, 2024.

Supplemental Financial Measures

In the real estate industry, analysts and investors employ certain non-GAAP supplemental financial measures in order to facilitate meaningful comparisons between periods and among peer companies. Additionally, in the formulation of our goals and in the evaluation of the effectiveness of our strategies, we use Funds from Operations (“FFO”) and AFFO, which are non-GAAP measures defined by our management. We believe that these measures are useful to investors to consider because they may assist them to better understand and measure the performance of our business over time and against similar companies. A description of FFO and AFFO and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided below.

Funds from Operations and Adjusted Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

W. P. Carey 6/30/2024 10-Q – 53

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company’s main business, gains or losses on changes in control of interests in real estate, and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt, and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, merger and acquisition expenses, and spin-off expenses. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs that are currently not engaged in acquisitions, mergers, and restructuring, which are not part of our normal business operations. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.

W. P. Carey 6/30/2024 10-Q – 54

Consolidated FFO and AFFO were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income attributable to W. P. Carey	$	142,895	$	144,620	$	302,118	$	439,000
Adjustments:
Depreciation and amortization of real property	136,840		142,932		254,953		298,800
Gain on sale of real estate, net (a)	(39,363)		(1,808)		(54,808)		(179,557)
Impairment charges — real estate	15,752		—		15,752		—
Proportionate share of adjustments to earnings from equity method investments (b)	3,015		2,883		5,964		5,489
Proportionate share of adjustments for noncontrolling interests (c)	(101)		(268)		(204)		(567)
Total adjustments	116,143		143,739		221,657		124,165
FFO (as defined by NAREIT) attributable to W. P. Carey	259,038		288,359		523,775		563,165
Adjustments:
Straight-line and other leasing and financing adjustments	(15,310)		(19,086)		(34,863)		(34,136)
Stock-based compensation	8,903		8,995		17,759		16,761
Above- and below-market rent intangible lease amortization, net	5,766		8,824		9,834		19,685
Amortization of deferred financing costs	4,555		5,904		9,143		10,844
Other (gains) and losses (d)	(2,504)		1,366		(16,343)		(6,734)
Tax (benefit) expense — deferred and other	(1,392)		(2,723)		(2,765)		1,643
Other amortization and non-cash items	580		527		1,159		999
Merger and other expenses (e)	206		1,419		4,658		1,443
Proportionate share of adjustments to earnings from equity method investments (b)	(2,646)		(255)		(3,165)		(1,181)
Proportionate share of adjustments for noncontrolling interests (c)	(97)		(24)		(201)		36
Total adjustments	(1,939)		4,947		(14,784)		9,360
AFFO attributable to W. P. Carey	$	257,099	$	293,306	$	508,991	$	572,525
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey	$	259,038	$	288,359	$	523,775	$	563,165
AFFO attributable to W. P. Carey	$	257,099	$	293,306	$	508,991	$	572,525

__________

(a)Amount for the six months ended June 30, 2023 includes a gain on sale of real estate of $176.2 million recognized upon the reclassification of a portfolio of 78 net-lease self-storage properties to net investments in sales-type leases. This portfolio was sold in the first quarter of 2024 (Note 5).

(b)Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.

(c)Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

(d)Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, and foreign currency exchange rate movements, as well as non-cash allowance for credit losses on loans receivable and finance leases.

(e)Amount for the six months ended June 30, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.

W. P. Carey 6/30/2024 10-Q – 55

While we believe that FFO and AFFO are important supplemental measures, they should not be considered as alternatives to net income as an indication of a company’s operating performance. These non-GAAP measures should be used in conjunction with net income as defined by GAAP. FFO and AFFO, or similarly titled measures disclosed by other REITs, may not be comparable to our FFO and AFFO measures.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, and equity prices. The primary market risks that we are exposed to are interest rate risk and foreign currency exchange risk; however, we do not use derivative instruments to hedge credit/market risks or for speculative purposes. From time to time, we may enter into foreign currency collars to hedge our foreign currency cash flow exposures.

We are also exposed to further market risk as a result of tenant concentrations in certain industries and/or geographic regions, since adverse market factors can affect the ability of tenants in a particular industry/region to meet their respective lease obligations. In order to manage this risk, we view our collective tenant roster as a portfolio and we attempt to diversify such portfolio so that we are not overexposed to a particular industry or geographic region.

Interest Rate Risk

The values of our real estate and related fixed-rate debt obligations, as well as the values of our unsecured debt obligations, are subject to fluctuations based on changes in interest rates. The value of our real estate is also subject to fluctuations based on local and regional economic conditions and changes in the creditworthiness of lessees, which may affect our ability to refinance property-level mortgage debt when balloon payments are scheduled, if we do not choose to repay the debt when due. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. An increase in interest rates would likely cause the fair value of our assets to decrease. Increases in interest rates may also have an impact on the credit profile of certain tenants.

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, we are subject to variable-rate interest on our Unsecured Term Loans, Unsecured Revolving Credit Facility, and certain of our non-recourse mortgage debt. We have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties related to certain of our variable-rate debt (Note 10). See Note 9 for additional information on our interest rate swaps and caps.

Our debt obligations are more fully described in Note 10 and Liquidity and Capital Resources — Summary of Financing in Item 2 above. The following table presents principal cash flows based upon expected maturity dates of our debt obligations outstanding at June 30, 2024 (in thousands):

	2024 (Remainder)		2025		2026		2027		2028		Thereafter		Total		Fair Value
Fixed-rate debt (a) (b)	$	602,952	$	679,846	$	1,510,520	$	537,595	$	585,239	$	3,636,308	$	7,552,460	$	6,993,934
Variable-rate debt (a)	$	—	$	27,448	$	—	$	—	$	571,653	$	15,005	$	614,106	$	643,922

__________

(a)Amounts are based on the exchange rate at June 30, 2024, as applicable.

(b)Amounts include non-recourse mortgages and unsecured term loans subject to variable-to-fixed interest rate swaps. Amounts are primarily comprised of principal payments for our Senior Unsecured Notes (Note 10). In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

The estimated fair value of our fixed-rate debt and our variable-rate debt is affected by changes in interest rates. Annual interest expense on our unhedged variable-rate debt that does not bear interest at fixed rates at June 30, 2024 would increase or decrease by $3.4 million for our British pound sterling-denominated debt, by $2.6 million for our euro-denominated debt, and by $0.2 million for our Japanese yen-denominated debt, for each respective 1% change in annual interest rates.

W. P. Carey 6/30/2024 10-Q – 56

Foreign Currency Exchange Rate Risk

We own international investments, primarily in Europe, Canada, and Japan, and as a result are subject to risk from the effects of exchange rate movements in various foreign currencies, primarily the euro, the British pound sterling, the Canadian dollar, the Japanese yen, and certain other currencies which may affect future costs and cash flows. We have obtained, and may in the future obtain, non-recourse mortgage financing in the local currency. We have also completed several offerings of euro-denominated senior notes, and have borrowed under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2026 in foreign currencies, including the euro, British pound sterling, and Japanese yen (Note 10). Volatile market conditions arising from certain macroeconomic factors may result in significant fluctuations in foreign currency exchange rates. To the extent that currency fluctuations increase or decrease rental revenues, as translated to U.S. dollars, the change in debt service (comprised of principal and interest, excluding balloon payments), as translated to U.S. dollars, will partially offset the effect of fluctuations in revenue and, to some extent, mitigate the risk from changes in foreign currency exchange rates. We estimate that, for a 1% increase or decrease in the exchange rate between the euro, British pound sterling, or Japanese yen and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow (scheduled future rental revenues, net of scheduled future debt service payments for the next 12 months) for our consolidated foreign operations at June 30, 2024 of $2.2 million, $0.3 million, and less than $0.1 million, respectively, excluding the impact of our derivative instruments.

In addition, we may use currency hedging to further reduce the exposure to our equity cash flow. We are generally a net receiver of these currencies (we receive more cash than we pay out), and therefore our foreign operations benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar, relative to the foreign currency.

We enter into foreign currency collars to hedge certain of our foreign currency cash flow exposures. See Note 9 for additional information on our foreign currency collars.

Concentration of Credit Risk

Concentrations of credit risk arise when a number of tenants are engaged in similar business activities or have similar economic risks or conditions that could cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our portfolio is well-diversified, it does contain concentrations in certain areas. There have been no material changes in our concentration of credit risk from what was disclosed in the 2023 Annual Report.

W. P. Carey 6/30/2024 10-Q – 57

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Our disclosure controls and procedures include internal controls and other procedures designed to provide reasonable assurance that information required to be disclosed in this and other reports filed under the Exchange Act is recorded, processed, summarized, and reported within the required time periods specified in the SEC’s rules and forms; and that such information is accumulated and communicated to management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosures. It should be noted that no system of controls can provide complete assurance of achieving a company’s objectives and that future events may impact the effectiveness of a system of controls.

Our chief executive officer and chief financial officer, after conducting an evaluation, together with members of our management, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024, have concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of June 30, 2024 at a reasonable level of assurance.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

W. P. Carey 6/30/2024 10-Q – 58

PART II — OTHER INFORMATION

Item 6. Exhibits.

The following exhibits are filed with this Report. Documents other than those designated as being filed herewith are incorporated herein by reference.

Exhibit No.	Description	Method of Filing
4.1	Ninth Supplemental Indenture dated as of May 16, 2024, by and between W. P. Carey Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed May 16, 2024
4.2	Form of Note representing €650 Million Aggregate Principal Amount of 4.250% Senior Notes due 2032	Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed May 16, 2024
4.3	Tenth Supplemental Indenture dated June 28, 2024, by and between W. P. Carey Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed June 28, 2024
4.4	Form of Note representing $400 Million Aggregate Principal Amount of 5.375% Senior Notes due 2032	Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed June 28, 2024
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
101.INS	XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document	Filed herewith
101.SCH	XBRL Taxonomy Extension Schema Document	Filed herewith
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Filed herewith
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Filed herewith
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)	Filed herewith

W. P. Carey 6/30/2024 10-Q – 59

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

			W. P. Carey Inc.
Date:	July 31, 2024	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer
			(Principal Financial Officer)
Date:	July 31, 2024	By:	/s/ Brian Zander
			Brian Zander
			Chief Accounting Officer
			(Principal Accounting Officer)

W. P. Carey 6/30/2024 10-Q – 60

EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Jason E. Fox, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of W. P. Carey Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2024

/s/ Jason E. Fox    

Jason E. Fox

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, ToniAnn Sanzone, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of W. P. Carey Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2024

/s/ ToniAnn Sanzone    

ToniAnn Sanzone

Chief Financial Officer

EX-32

Exhibit 32

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of W. P. Carey Inc. on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of W. P. Carey Inc., does hereby certify, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of W. P. Carey Inc.

Date: July 31, 2024

/s/ Jason E. Fox    

Jason E. Fox

Chief Executive Officer

Date: July 31, 2024

/s/ ToniAnn Sanzone    

ToniAnn Sanzone

Chief Financial Officer

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report as a separate disclosure document of W. P. Carey Inc. or the certifying officers.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to W. P. Carey Inc. and will be retained by W. P. Carey Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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COVER PAGE - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol	WPC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		218,847,015
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 12,341,979	$ 12,095,458
Land, buildings and improvements — operating properties		1,238,340	1,256,249
Net investments in finance leases and loans receivable		667,667	1,514,923
In-place lease intangible assets and other		2,256,793	2,308,853
Above-market rent intangible assets		676,666	706,773
Investments in real estate		17,181,445	17,882,256
Accumulated depreciation and amortization		(3,096,516)	(3,005,479)
Assets held for sale, net		7,743	37,122
Net investments in real estate		14,092,672	14,913,899
Equity method investments		356,220	354,261
Cash and cash equivalents		1,085,967	633,860
Other assets, net		1,261,222	1,096,474
Goodwill		973,204	978,289
Total assets	[1]	17,769,285	17,976,783
Debt:
Senior unsecured notes, net		6,519,887	6,035,686
Unsecured term loans, net		1,100,356	1,125,564
Unsecured revolving credit facility		15,005	403,785
Non-recourse mortgages, net		467,200	579,147
Debt, net		8,102,448	8,144,182
Accounts payable, accrued expenses and other liabilities		548,397	615,750
Below-market rent intangible liabilities, net		128,710	136,872
Deferred income taxes		155,716	180,650
Dividends payable		194,515	192,332
Total liabilities	[1]	9,129,786	9,269,786
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, $450,000,000 shares authorized; $218,831,869 and $218,671,874 shares, respectively, issued and outstanding		219	219
Additional paid-in capital		11,782,157	11,784,461
Distributions in excess of accumulated earnings		(2,975,236)	(2,891,424)
Deferred compensation obligation		78,379	62,046
Accumulated other comprehensive loss		(252,640)	(254,867)
Total stockholders’ equity		8,632,879	8,700,435
Noncontrolling interests		6,620	6,562
Total equity		8,639,499	8,706,997
Total liabilities and equity		$ 17,769,285	$ 17,976,783

[1] See Note 2 for details related to variable interest entities (“VIEs”).

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
W. P. Carey stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	218,831,869	218,671,874
Common stock, shares outstanding (in shares)	218,831,869	218,671,874

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate:
Income from finance leases and loans receivable	$ 14,961	$ 27,311	$ 40,754	$ 48,066
Investment Management:
Revenues	389,672	452,578	779,470	880,368
Operating Expenses
Depreciation and amortization	137,481	143,548	256,249	299,957
General and administrative	24,168	24,912	52,036	51,461
Operating property expenses	18,565	26,919	36,515	48,168
Impairment charges — real estate	15,752	0	15,752	0
Reimbursable tenant costs	14,004	20,523	26,977	42,499
Property expenses, excluding reimbursable tenant costs	13,931	5,371	26,104	18,143
Stock-based compensation expense	8,903	8,995	17,759	16,761
Merger and other expenses	206	1,419	4,658	1,443
Total operating expenses	233,010	231,687	436,050	478,432
Other Income and Expenses
Interest expense	(65,307)	(75,488)	(133,958)	(142,684)
Gain on sale of real estate, net	39,363	1,808	54,808	179,557
Non-operating income	9,215	4,509	24,720	9,135
Earnings from equity method investments	6,636	4,355	11,500	9,591
Other gains and (losses)	2,504	(1,366)	16,343	6,734
Other Income and Expenses	(7,589)	(66,182)	(26,587)	62,333
Income before income taxes	149,073	154,709	316,833	464,269
Provision for income taxes	(6,219)	(10,129)	(14,893)	(25,248)
Net Income	142,854	144,580	301,940	439,021
Net loss (income) attributable to noncontrolling interests	41	40	178	(21)
Net Income Attributable to W. P. Carey	$ 142,895	$ 144,620	$ 302,118	$ 439,000
Basic Earnings Per Share (in dollars per share)	$ 0.65	$ 0.67	$ 1.37	$ 2.06
Diluted Earnings Per Share (in dollars per share)	$ 0.65	$ 0.67	$ 1.37	$ 2.05
Weighted-Average Shares Outstanding
Basic (in shares)	220,195,910	215,075,114	220,113,753	213,522,150
Diluted (in shares)	220,214,118	215,184,485	220,261,525	213,875,471
Owned Real Estate
Real Estate:
Lease revenues	$ 324,104	$ 369,124	$ 646,355	$ 721,460
Income from finance leases and loans receivable	14,961	27,311	40,754	48,066
Operating property revenues	38,715	50,676	75,358	91,562
Other lease-related income	9,149	5,040	11,304	18,413
Investment Management:
Operating property revenues	38,715	50,676	75,358	91,562
Revenues	386,929	452,151	773,771	879,501
Investment Management
Real Estate:
Operating property revenues	2,743	427	5,699	867
Investment Management:
Operating property revenues	2,743	427	5,699	867
Revenues	2,743	427	5,699	867
Other advisory income and reimbursements
Real Estate:
Operating property revenues	1,057	124	2,120	225
Investment Management:
Operating property revenues	1,057	124	2,120	225
Asset management revenue
Real Estate:
Operating property revenues	1,686	303	3,579	642
Investment Management:
Operating property revenues	$ 1,686	$ 303	$ 3,579	$ 642

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 142,854	$ 144,580	$ 301,940	$ 439,021
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivative instruments	(119)	(4,937)	6,313	(12,200)
Foreign currency translation adjustments	(24)	9,479	(4,362)	15,936
Net current period other comprehensive income (loss)	(143)	4,542	1,951	3,736
Comprehensive Income	142,711	149,122	303,891	442,757
Amounts Attributable to Noncontrolling Interests
Net loss (income)	41	40	178	(21)
Foreign currency translation adjustments	19	85	276	113
Comprehensive loss attributable to noncontrolling interests	60	125	454	92
Comprehensive Income Attributable to W. P. Carey	$ 142,771	$ 149,247	$ 304,345	$ 442,849

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CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total W.P. Carey Stockholders	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interests
Beginning equity balance at Dec. 31, 2022	$ 9,008,644	$ 8,993,646	$ 211	$ 11,706,836	$ (2,486,633)	$ 57,012	$ (283,780)	$ 14,998
Beginning equity balance (in shares) at Dec. 31, 2022			210,620,949
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(13,618)	(13,618)		(13,618)
Shares issued upon delivery of vested restricted share awards (in shares)			193,619
Shares issued under ATM Program, net	249,863	249,863	$ 3	249,860
Shares issued under ATM Program, net (in shares)			3,081,867
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Shares issued upon purchases under employee share purchase plan	294	294		294
Amortization of stock-based compensation expense	16,761	16,761		16,761
Acquisition of noncontrolling interest	0	1,153		1,153				(1,153)
Delivery (deferral) of deferred vested shares, net	0	0		(4,521)		4,521
Dividends declared	(460,375)	(460,375)		2,295	(463,183)	513
Net income	439,021	439,000			439,000			21
Contributions from noncontrolling interests	2,886							2,886
Distributions to noncontrolling interests	(280)							(280)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	(12,200)	(12,200)
Foreign currency translation adjustments	15,936	16,049					16,049	(113)
Ending equity balance at Jun. 30, 2023	9,246,932	9,230,573	$ 214	11,959,060	(2,510,816)	62,046	(279,931)	16,359
Ending equity balance (in shares) at Jun. 30, 2023			213,901,170
Beginning equity balance at Mar. 31, 2023	9,319,362	9,301,581	$ 214	11,948,910	(2,425,031)	62,046	(284,558)	17,781
Beginning equity balance (in shares) at Mar. 31, 2023			213,890,620
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(292)	(292)		(292)
Shares issued upon delivery of vested restricted share awards (in shares)			5,815
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Shares issued upon purchases under employee share purchase plan	294	294		294
Amortization of stock-based compensation expense	8,995	8,995		8,995
Acquisition of noncontrolling interest	0	1,153		1,153				(1,153)
Dividends declared	(230,405)	(230,405)			(230,405)
Net income	144,580	144,620			144,620			(40)
Distributions to noncontrolling interests	(144)							(144)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	(4,937)	(4,937)					(4,937)
Foreign currency translation adjustments	9,479	9,564					9,564	(85)
Ending equity balance at Jun. 30, 2023	9,246,932	9,230,573	$ 214	11,959,060	(2,510,816)	62,046	(279,931)	16,359
Ending equity balance (in shares) at Jun. 30, 2023			213,901,170
Beginning equity balance at Dec. 31, 2023	$ 8,706,997	8,700,435	$ 219	11,784,461	(2,891,424)	62,046	(254,867)	6,562
Beginning equity balance (in shares) at Dec. 31, 2023	218,671,874		218,671,874
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	$ (6,865)	(6,865)		(6,865)
Shares issued upon delivery of vested restricted share awards (in shares)			156,070
Shares issued upon purchases under employee share purchase plan (in shares)			3,925
Shares issued upon purchases under employee share purchase plan	198	198		198
Amortization of stock-based compensation expense	17,759	17,759		17,759
Delivery (deferral) of deferred vested shares, net	0	0		(14,445)		14,445
Dividends declared	(382,993)	(382,993)		1,049	(385,930)	1,888
Net income	301,940	302,118			302,118			(178)
Contributions from noncontrolling interests	622							622
Distributions to noncontrolling interests	(110)							(110)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	6,313	6,313					6,313
Foreign currency translation adjustments	(4,362)	(4,086)					(4,086)	(276)
Ending equity balance at Jun. 30, 2024	$ 8,639,499	8,632,879	$ 219	11,782,157	(2,975,236)	78,379	(252,640)	6,620
Ending equity balance (in shares) at Jun. 30, 2024	218,831,869		218,831,869
Beginning equity balance at Mar. 31, 2024	$ 8,679,175	8,673,057	$ 219	11,772,948	(2,926,085)	78,491	(252,516)	6,118
Beginning equity balance (in shares) at Mar. 31, 2024			218,823,907
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(4)	(4)		(4)
Shares issued upon delivery of vested restricted share awards (in shares)			4,037
Shares issued upon purchases under employee share purchase plan (in shares)			3,925
Shares issued upon purchases under employee share purchase plan	198	198		198
Amortization of stock-based compensation expense	8,903	8,903		8,903
Delivery (deferral) of deferred vested shares, net	0			112		(112)
Dividends declared	(192,046)	(192,046)			(192,046)
Net income	142,854	142,895			142,895			(41)
Contributions from noncontrolling interests	622
Distributions to noncontrolling interests	(60)							(60)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	(119)	(119)					(119)
Foreign currency translation adjustments	(24)	(5)					(5)	(19)
Ending equity balance at Jun. 30, 2024	$ 8,639,499	$ 8,632,879	$ 219	$ 11,782,157	$ (2,975,236)	$ 78,379	$ (252,640)	$ 6,620
Ending equity balance (in shares) at Jun. 30, 2024	218,831,869		218,831,869

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CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.870	$ 1.069	$ 1.735	$ 2.136

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows — Operating Activities
Net income	$ 301,940	$ 439,021
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	265,654	309,988
Gain on sale of real estate, net	(54,808)	(179,557)
Straight-line rent adjustments	(35,893)	(35,965)
Stock-based compensation expense	17,759	16,761
Impairment charges — real estate	15,752	0
Distributions of earnings from equity method investments	12,147	9,931
Earnings from equity method investments	(11,500)	(9,591)
Gain on repayment of secured loan receivable	(10,650)	0
Amortization of rent-related intangibles and deferred rental revenue	9,697	19,793
Decrease in allowance for credit losses	(5,097)	(3,629)
Deferred income tax (benefit) expense	(2,765)	1,643
Net realized and unrealized gains on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	(633)	(2,126)
Proceeds from sales of net investments in sales-type leases	807,080	0
Net changes in other operating assets and liabilities	(52,088)	(35,935)
Net Cash Provided by Operating Activities	1,256,595	530,334
Cash Flows — Investing Activities
Purchases of real estate	(448,088)	(895,034)
Proceeds from sales of real estate	195,022	44,061
Investments in loans receivable	(83,816)	0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(47,207)	(62,135)
Value added taxes paid in connection with acquisition of real estate	(29,097)	(5,543)
Proceeds from repayment of loans receivable	24,000	0
Value added taxes refunded in connection with acquisition of real estate	8,728	6,767
Capital contributions to equity method investments	(5,024)	(23,677)
(Release) receipt of tenant-funded escrow for investing activities	(4,959)	29,787
Other investing activities, net	2,474	(9,787)
Return of capital from equity method investments	803	9,943
Net Cash Used in Investing Activities	(387,164)	(905,618)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(1,248,701)	(1,577,153)
Proceeds from issuance of Senior Unsecured Notes	1,098,314	0
Proceeds from Unsecured Revolving Credit Facility	868,422	1,820,608
Repayment of Senior Unsecured Notes	(500,000)	0
Dividends paid	(380,810)	(456,171)
Payments of mortgage principal	(127,683)	(138,764)
Other financing activities, net	(12,351)	2,359
Payment of financing costs	(8,853)	(166)
Payments for withholding taxes upon delivery of equity-based awards	(6,866)	(13,618)
Contributions from noncontrolling interests	622	2,886
Distributions to noncontrolling interests	(110)	(280)
Proceeds from term loans	0	546,014
Proceeds from shares issued under forward equity, net of selling costs	0	249,806
Net Cash (Used in) Provided by Financing Activities	(318,016)	435,521
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(13,716)	1,909
Net increase in cash and cash equivalents and restricted cash	537,699	62,146
Cash and cash equivalents and restricted cash, beginning of period	691,971	224,141
Cash and cash equivalents and restricted cash, end of period	$ 1,229,670	$ 286,287

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Business and Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Business and Organization

W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe that are leased on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property.

Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.

In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the “Office Sale Program”), which is substantially completed.

On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”). Through the date of this Report, we have disposed of 85 of the office properties subject to the Office Sale Program (Note 14, Note 15). The final property is under a binding contract for sale scheduled to close in December 2024, which will complete the Office Sale Program.

Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. The operating results of both the real estate and investment management activities are regularly reviewed, in the aggregate, by our chief operating decision maker to evaluate performance and allocate resources. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business.

Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At June 30, 2024, our portfolio was comprised of our full or partial ownership interests in 1,291 properties, totaling approximately 170 million square feet, substantially all of which were net leased to 346 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.8%. In addition, at June 30, 2024, our portfolio was comprised of full or partial ownership interests in 95 operating properties, including 89 self-storage properties, four hotels, and two student housing properties, totaling approximately 7.3 million square feet.

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which are included in the 2023 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2023 Annual Report.

During the six months ended June 30, 2024, we declassified ten entities as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”) and dispositions.

At June 30, 2024 and December 31, 2023, we considered 12 and 21 entities, respectively, to be VIEs, of which we consolidated seven and 15, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	126,223	$	237,858
Land, buildings and improvements — operating properties	—		39,422
Net investments in finance leases and loans receivable	159,103		595,524
In-place lease intangible assets and other	11,402		40,650
Above-market rent intangible assets	3,894		6,828
Accumulated depreciation and amortization	(17,302)		(23,580)
Total assets	303,241		947,509
Non-recourse mortgages, net	$	50,793	$	59,715
Below-market rent intangible liabilities, net	28		32
Total liabilities	67,580		101,047

At June 30, 2024 and December 31, 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) three unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off (Note 1). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of June 30, 2024. As of June 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $732.6 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2023 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues. Revenue from contracts primarily represented hotel operating property revenues of $12.4 million and $24.7 million for the three months ended June 30, 2024 and 2023, respectively, and $22.5 million and $40.2 million for the six months ended June 30, 2024 and 2023, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023; eight of these properties were sold during 2023 and one was sold during the second quarter of 2024). Investment management revenue from contracts under ASC 606 is discussed in Note 3.

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,085,967	$	633,860
Restricted cash (a)	143,703		58,111
Total cash and cash equivalents and restricted cash	$	1,229,670	$	691,971

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of June 30, 2024 includes $106.9 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

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Agreements and Transactions with Related Parties

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Agreements and Transactions with Related Parties

Agreements and Transactions with Related Parties

Advisory Agreements and Partnership Agreements with NLOP and CESH

We currently have advisory arrangements with NLOP and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses.

The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Asset management revenue (a) (b)	$	1,686	$	303	$	3,579	$	642
Administrative reimbursements (a) (c)	1,000		—		2,000		—
Reimbursable costs from affiliates (a) (c)	57		124		120		225
	$	2,743	$	427	$	5,699	$	867

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
NLOP	$	2,599	$	—	$	5,403	$	—
CESH	144		427		296		867
	$	2,743	$	427	$	5,699	$	867

__________

(a)Amounts represent revenues from contracts under ASC 606.

(b)Included within Asset management revenue in the consolidated statements of income.

(c)Included within Other advisory income and reimbursements in the consolidated statements of income.

The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):

	June 30, 2024		December 31, 2023
Asset management fees receivable	$	542	$	1,349
Accounts receivable	514		768
Reimbursable costs	52		59
	$	1,108	$	2,176

Asset Management Revenue

Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property.

Administrative Reimbursements

Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

Reimbursable Costs from Affiliates

CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.

Back-End Fees and Interests in CESH

Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized.

Other Transactions with Affiliates and Related Parties

Other

At June 30, 2024, we owned interests in eight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining four investments under the equity method of accounting (Note 7). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 7).

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Land, Buildings and Improvements, and Assets Held for Sale

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Land, Buildings and Improvements, and Assets Held for Sale

Land, Buildings and Improvements, and Assets Held for Sale

Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Land	$	2,299,528	$	2,248,300
Buildings and improvements	10,004,871		9,801,596
Real estate under construction	37,580		45,562
Less: Accumulated depreciation	(1,589,966)		(1,509,730)
	$	10,752,013	$	10,585,728

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 3.1% to $1.0705 from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other decreased by $111.7 million from December 31, 2023 to June 30, 2024.

In connection with changes in lease classifications due to extensions of the underlying leases or entering into a new lease, we reclassified 14 properties with an aggregate carrying value of $105.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the six months ended June 30, 2024 (Note 5).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $72.5 million and $79.7 million for the three months ended June 30, 2024 and 2023, respectively, and $144.1 million and $171.0 million for the six months ended June 30, 2024 and 2023, respectively.

Acquisitions of Real Estate

During the six months ended June 30, 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Doncaster, United Kingdom (a)	2	1/9/2024	Retail	$	30,055
Various, Italy (a)	5	1/30/2024	Industrial, Warehouse	148,130
Laval, Canada (a)	1	3/26/2024	Industrial	2,604
Commercial Point, Ohio	1	4/5/2024	Warehouse	94,220
Tucson, Arizona	1	5/13/2024	Warehouse	38,784
Portfolio Acquisition:
Various, United States	5	5/15/2024	Industrial, Warehouse	44,400
Various, United States	4	5/15/2024	Industrial	23,330
Sylacauga, Alabama	1	5/15/2024	Industrial	5,852
Moxee, Washington and La Porte, Indiana (b)	2	6/26/2024	Industrial	37,019
Portfolio Total	12			110,601
Mesa and Laveen, Arizona	2	6/3/2024	Retail	26,964
	24			$	451,358

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

(b)In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $21.9 million (Note 10).

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

	Total Capitalized Costs
Land	$	82,449
Buildings and improvements	311,003
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.9 years)	56,855
Below-market rent (expected life of 12.8 years)	(408)
Debt discount and deferred financing costs on non-recourse mortgage loan assumed	1,459
	$	451,358

Real Estate Under Construction — Net Lease and Operating Properties

During the six months ended June 30, 2024, we capitalized real estate under construction totaling $24.2 million. The number of construction projects in progress with balances included in real estate under construction was three and 11 as of June 30, 2024 and December 31, 2023, respectively. Aggregate unfunded commitments totaled approximately $92.6 million and $71.8 million as of June 30, 2024 and December 31, 2023, respectively.

During the six months ended June 30, 2024, we completed the following construction projects (dollars in thousands):

Property Location(s)	Primary Transaction Type	Number of Properties	Date of Completion	Property Type	Total Capitalized Costs
Salisbury, North Carolina	Expansion	1	3/8/2024	Industrial	$	14,737
Little Rock, Arkansas	Expansion	1	4/10/2024	Self-Storage (Operating)	3,280
Irvine, California	Redevelopment	1	6/27/2024	Industrial	15,222
		3			$	33,239

During the six months ended June 30, 2024, we committed to fund a redevelopment project for $44.1 million. We currently expect to complete the project in 2025.

Capitalized interest incurred during construction was $0.2 million and less than $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively, which reduces Interest expense in the consolidated statements of income.

Dispositions of Properties

During the six months ended June 30, 2024, we sold 14 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $102.9 million from December 31, 2023 to June 30, 2024 (Note 14).

Other Lease-Related Income

2024 — For the three and six months ended June 30, 2024, other lease-related income on our consolidated statements of income included other lease-related settlements totaling $8.9 million and $10.7 million, respectively.

2023 — For the three and six months ended June 30, 2023, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $4.3 million and $5.6 million, respectively and (ii) lease termination income totaling $11.4 million for the six months ended June 30, 2023, received from two tenants in connection with the sales of the properties they occupied.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease income — fixed	$	287,709	$	324,468	$	573,883	$	632,534
Lease income — variable (a)	36,395		44,656		72,472		88,926
Total operating lease income	$	324,104	$	369,124	$	646,355	$	721,460

__________

(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Land, Buildings and Improvements — Operating Properties

At June 30, 2024, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, four consolidated hotels, and two consolidated student housing properties. At December 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

	June 30, 2024		December 31, 2023
Land	$	147,170	$	150,084
Buildings and improvements	1,091,170		1,104,635
Real estate under construction	—		1,530
Less: Accumulated depreciation	(88,885)		(80,057)
	$	1,149,455	$	1,176,192

During the six months ended June 30, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $14.3 million from December 31, 2023 to June 30, 2024 (Note 14).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $7.4 million and $7.7 million for the three months ended June 30, 2024 and 2023, respectively, and $14.7 million and $14.9 million for the six months ended June 30, 2024 and 2023, respectively.

Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	10,676	$	46,986
In-place lease intangible assets and other	778		5,222
Above-market rent intangible assets	—		8,374
Accumulated depreciation and amortization	(3,711)		(23,460)
Assets held for sale, net	$	7,743	$	37,122

At June 30, 2024, we had one property classified as Assets held for sale, net, with a carrying value of $7.7 million. This property was sold in July 2024 (Note 15). At December 31, 2023 we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. These properties were sold in January 2024.

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Finance Receivables

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Finance Receivables

Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables.

Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):

	Maturity Date	June 30, 2024		December 31, 2023
Net investments in direct financing leases (a)	2024 – 2036	$	320,714	$	431,328
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	311,068		236,611
Net investments in sales-type leases (c)	2024	20,885		835,734
Secured loans receivable (d)	2024	15,000		11,250
		$	667,667	$	1,514,923

__________

(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(b)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $6.2 million and $0.8 million as of June 30, 2024 and December 31, 2023, respectively.

(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of June 30, 2024 or December 31, 2023.

(d)Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of June 30, 2024.

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a $15.0 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2023 to June 30, 2024.

Income from finance leases and loans receivable is summarized as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net investments in direct financing leases	$	8,763	$	12,751	$	17,692	$	25,449
Sale-leaseback transactions accounted for as loans receivable	5,620		3,684		9,521		7,343
Net investments in sales-type leases	578		9,688		11,576		12,917
Secured loans receivable	—		1,188		1,965		2,357
	$	14,961	$	27,311	$	40,754	$	48,066

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable	$	197,995	$	285,512
Unguaranteed residual value	302,667		434,234
	500,662		719,746
Less: unearned income	(168,306)		(251,441)
Less: allowance for credit losses (a)	(11,642)		(36,977)
	$	320,714	$	431,328

__________

(a)During the six months ended June 30, 2024 and 2023, we recorded a net release of allowance for credit losses of $8.4 million and $3.6 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the six months ended June 30, 2024, we reduced the allowance for credit losses balance by $17.0 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.

During the six months ended June 30, 2024, we reclassified 14 properties with an aggregate carrying value of $105.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to extensions of the underlying leases or entering into a new lease. In addition, during the six months ended June 30, 2024, we sold one property accounted for as a direct financing lease that had a net carrying value of $5.8 million.

Loans Receivable

During the six months ended June 30, 2024, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Investment
Various, Italy (a)	4	3/26/2024	Industrial, Warehouse	$	83,890
	4			$	83,890

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

In March 2024, a secured loan receivable was repaid to us for $24.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $2.1 million since the loan principal was fully repaid. In addition, we collected $1.4 million of unpaid interest related to a prior year upon repayment of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the six months ended June 30, 2024.

In June 2024, in connection with a property disposition, we provided financing to the buyer of $15.0 million with an interest rate of 15.0%, maturing in August 2024. This secured loan receivable is included Net investments in finance leases and loans receivable on our consolidated balance sheets.

Net Investments in Sales-Type Leases

During the six months ended June 30, 2024, we completed the sale of a portfolio of 78 net-lease self-storage properties located in the United States, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $451.4 million from December 31, 2023 to June 30, 2024 (Note 14). The tenant had previously provided notice of its intention to exercise its option to repurchase the properties during the first quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the six months ended June 30, 2023 related to this transaction.

During the six months ended June 30, 2024, we completed the sale of a portfolio of 70 net-lease office properties located in Andalusia, Spain, to the tenant occupying the properties, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $359.3 million from December 31, 2023 to June 30, 2024 (Note 14). We had previously entered into an agreement to sell the portfolio to the tenant occupying the properties during the fourth quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $59.1 million during the three months ended December 31, 2023 related to this transaction.

Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements.

Net investments in sales-type leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable (a)	$	21,460	$	849,881
	21,460		849,881
Less: unearned income	(575)		(14,147)
	$	20,885	$	835,734

__________

(a)Includes estimated purchase price and total rents owed.

Credit Quality of Finance Receivables

We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both June 30, 2024 and December 31, 2023, no material balances of our finance receivables were past due. Other than the lease extensions and new lease noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the six months ended June 30, 2024.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):

	Number of Tenants / Obligors at		Carrying Value at
Internal Credit Quality Indicator	June 30, 2024	December 31, 2023	June 30, 2024		December 31, 2023
1 – 3	17	18	$	592,885	$	1,338,877
4	7	8	92,614		215,953
5	—	—	—		—
			$	685,499	$	1,554,830

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Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the six months ended June 30, 2024 are described in Note 4.

Goodwill decreased by $5.1 million during the six months ended June 30, 2024 due to foreign currency translation adjustments.

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	2,334	$	(726)	$	1,608	$	20,745	$	(19,569)	$	1,176
	2,334		(726)		1,608		20,745		(19,569)		1,176
Lease Intangibles:
In-place lease	2,120,227		(945,307)		1,174,920		2,168,739		(934,138)		1,234,601
Above-market rent	676,666		(472,358)		204,308		706,773		(481,554)		225,219
	2,796,893		(1,417,665)		1,379,228		2,875,512		(1,415,692)		1,459,820
Goodwill
Goodwill	973,204		—		973,204		978,289		—		978,289
Total intangible assets	$	3,772,431	$	(1,418,391)	$	2,354,040	$	3,874,546	$	(1,435,261)	$	2,439,285
Finite-Lived Intangible Liabilities
Below-market rent	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)
Total intangible liabilities	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $12.9 million in the carrying value of our net intangible assets from December 31, 2023 to June 30, 2024.

Net amortization of intangibles, including the effect of foreign currency translation, was $62.0 million and $63.6 million for the three months ended June 30, 2024 and 2023, respectively, and $104.7 million and $131.2 million for the six months ended June 30, 2024 and 2023, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

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Equity Method Investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

Interests in Unconsolidated Real Estate Investments and CESH

We own interests in certain unconsolidated real estate investments with third parties and in Carey European Student Housing Fund I, L.P. (“CESH”). There have been no significant changes in our equity method investment policies from what was disclosed in the 2023 Annual Report.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH.

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):

		Carrying Value at
Lessee/Fund/Description	Ownership Interest	June 30, 2024		December 31, 2023
Las Vegas Retail Complex (a)	N/A	$	239,848	$	235,979
Johnson Self Storage	90.00%	63,130		63,934
Kesko Senukai (b)	70.00%	27,723		28,860
Harmon Retail Corner (c)	15.00%	24,343		24,229
CESH (d)	2.43%	1,176		1,259
		$	356,220	$	354,261

__________

(a)On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2024) for a retail complex in Las Vegas, Nevada. Through June 30, 2024, we funded $236.3 million, including $4.9 million during the six months ended June 30, 2024. Equity income from this investment was $8.3 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

(b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of June 30, 2024 is based on the estimated fair value of our investment as of March 31, 2024.

We received aggregate distributions of $13.0 million and $19.9 million from our unconsolidated real estate investments for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024 and December 31, 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $17.4 million and $18.0 million, respectively. We received a distribution from CESH during the six months ended June 30, 2023 of $0.5 million. We did not receive a distribution from CESH during the six months ended June 30, 2024.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants (Note 9).

The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market.

Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP (Note 7). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.

Investment in Shares of Lineage — We have elected to apply the measurement alternative under Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,541,478 shares of Lineage (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 3 because it is not traded in an active market. During the six months ended June 30, 2024, we received cash dividends of $3.0 million from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $404.9 million at both June 30, 2024 and December 31, 2023.

Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the six months ended June 30, 2024, we received liquidating distributions from our investment in shares of GCIF totaling $0.4 million, which reduced the cost basis of our investment. The fair value of our investment in shares of GCIF was $0.4 million and $0.8 million at June 30, 2024 and at December 31, 2023, respectively.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the six months ended June 30, 2024 or 2023. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		June 30, 2024				December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2 and 3	$	6,519,887	$	6,055,979	$	6,035,686	$	5,598,423
Non-recourse mortgages, net (a) (b) (d)	3	467,200		466,516		579,147		572,553

__________

(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $28.0 million and $21.0 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.2 million and less than $0.1 million at June 30, 2024 and December 31, 2023, respectively.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $25.6 million and $20.1 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $3.8 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively.

(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2026 (Note 10), but excluding finance receivables (Note 5), had fair values that approximated their carrying values at both June 30, 2024 and December 31, 2023.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2023 Annual Report.

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):

	Three Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

	Six Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

Impairment charges, and their related triggering events and fair value measurements, recognized during the three and six months ended June 30, 2024, were as follows (we did not incur any impairment charges during the three and six months ended June 30, 2023):

Real Estate

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2024 — During the three and six months ended June 30, 2024, we recognized impairment charges totaling $15.8 million on three properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024 (Note 15).

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Risk Management and Use of Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Use of Derivative Financial Instruments

Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility (Note 10) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2023 Annual Report. At both June 30, 2024 and December 31, 2023, no cash collateral had been posted nor received for any of our derivative positions.

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Foreign currency collars	Other assets, net	$	16,351	$	14,103	$	—	$	—
Interest rate swaps	Other assets, net	603		995		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(617)		(4,029)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(168)		(1,678)
		16,954		15,098		(785)		(5,707)
Derivatives Not Designated as Hedging Instruments
Foreign currency collars	Other assets, net	301		—		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(217)
		301		—		—		(217)
Total derivatives		$	17,255	$	15,098	$	(785)	$	(5,924)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in  Other Comprehensive Income (Loss) (a)
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2024		2023		2024		2023
Interest rate swaps	$	(447)	$	1,827	$	1,183	$	1,197
Foreign currency collars	332		(6,412)		5,660		(12,638)
Interest rate cap	—		1		—		(6)
Total	$	(115)	$	(4,584)	$	6,843	$	(11,447)

		Amount of Gain (Loss) on Derivatives Reclassified from  Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Foreign currency collars	Non-operating income	$	2,877	$	3,564	$	5,066	$	7,869
Interest rate swaps and cap	Interest expense	701		103		1,529		473
Total		$	3,578	$	3,667	$	6,595	$	8,342

__________

(a)Excludes net losses of less than $0.1 million and $0.4 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2024 and 2023, respectively, and net losses of $0.5 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.

Amounts reported in Other comprehensive (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of June 30, 2024, we estimate that an additional $0.5 million and $10.1 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Interest rate swaps	Interest expense	$	(727)	$	(131)	$	(1,587)	$	(537)
Foreign currency collars	Non-operating income	448		183		1,376		(16)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	25		98		517		(41)
Total		$	(254)	$	150	$	306	$	(594)

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans (Note 10) and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

The interest rate swaps that our consolidated subsidiaries had outstanding at June 30, 2024 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	3	21,268	USD	$	557
Interest rate swaps	5	544,327	EUR	(122)
				$	435

__________ 

(a)Fair value amounts are based on the exchange rate of the euro at June 30, 2024, as applicable.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 59 months or less.

The following table presents the foreign currency collars that we had outstanding at June 30, 2024 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024
Designated as Cash Flow Hedging Instruments
Foreign currency collars	51	256,000	EUR	$	14,322
Foreign currency collars	30	19,080	GBP	1,412
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	2	10,000	EUR	301
				$	16,035

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of June 30, 2024. At June 30, 2024, our total credit exposure and the maximum exposure to any single counterparty was $16.7 million and $3.0 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At June 30, 2024, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $0.8 million and $5.9 million at June 30, 2024 and December 31, 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at June 30, 2024 or December 31, 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.8 million and $6.0 million, respectively.

Net Investment Hedges

Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $37.4 million and $2.1 million for the three months ended June 30, 2024 and 2023, respectively, and $125.8 million and $(69.4) million for the six months ended June 30, 2024 and 2023, respectively.

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Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

Term Loan Agreement

As of both June 30, 2024 and December 31, 2023, we had a €500.0 million unsecured term loan outstanding maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below.

Senior Unsecured Credit Facility

As of both June 30, 2024 and December 31, 2023, we had a multi-currency senior unsecured credit facility, comprised of (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2026 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of June 30, 2024, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At June 30, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $2.0 billion (net of amounts reserved for standby letters of credit totaling $5.8 million). We incur an annual facility fee of 0.15% of the total commitment on our Unsecured Revolving Credit Facility based on our credit ratings of BBB+ and Baa1, which is included within Interest expense in our consolidated statements of income.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

Senior Unsecured Credit Facility	Interest Rate at June 30, 2024 (a)	Maturity Date at June 30, 2024	Principal Outstanding Balance at
			June 30, 2024		December 31, 2023
Unsecured Term Loans: (b)
Unsecured Term Loan due 2026 — borrowing in euros (c)	4.34%	4/24/2026	$	535,250	$	552,500
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)	SONIA + 0.85%	2/14/2028	341,495		343,306
EUR Term Loan due 2028 — borrowing in euros (e)	EURIBOR + 0.85%	2/14/2028	230,158		237,575
			1,106,903		1,133,381
Unsecured Revolving Credit Facility:
Borrowing in Japanese yen (f)	TIBOR + 0.775%	2/14/2029	15,005		17,035
Borrowing in euros	N/A	2/14/2029	—		386,750
			15,005		403,785
			$	1,121,908	$	1,537,166

__________

(a)The applicable interest rate at June 30, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1.

(b)Balance excludes unamortized discount of $6.2 million and $7.4 million at June 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.

(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through December 31, 2024. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2026 will be subject to a variable interest rate of EURIBOR + 0.85%.

(d)SONIA means Sterling Overnight Index Average.

(e)EURIBOR means Euro Interbank Offered Rate.

(f)TIBOR means Tokyo Interbank Offered Rate.

Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $6.6 billion at June 30, 2024 (the “Senior Unsecured Notes”).

On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 have an 8.2-year term and are scheduled to mature on July 23, 2032.

On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 have a 10.0-year term and are scheduled to mature on June 30, 2034.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 to 35 basis points. The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2024 (currency in thousands):

		Principal Amount		Coupon Rate		Maturity Date	Principal Outstanding Balance at
Senior Unsecured Notes, net (a)	Issue Date						June 30, 2024		December 31, 2023
4.6% Senior Notes due 2024 (b)	3/14/2014	$	500,000	4.6	%	4/1/2024	$	—	$	500,000
2.25% Senior Notes due 2024 (c)	1/19/2017	€	500,000	2.25	%	7/19/2024	535,250		552,500
4.0% Senior Notes due 2025	1/26/2015	$	450,000	4.0	%	2/1/2025	450,000		450,000
2.25% Senior Notes due 2026	10/9/2018	€	500,000	2.25	%	4/9/2026	535,250		552,500
4.25% Senior Notes due 2026	9/12/2016	$	350,000	4.25	%	10/1/2026	350,000		350,000
2.125% Senior Notes due 2027	3/6/2018	€	500,000	2.125	%	4/15/2027	535,250		552,500
1.35% Senior Notes due 2028	9/19/2019	€	500,000	1.35	%	4/15/2028	535,250		552,500
3.85% Senior Notes due 2029	6/14/2019	$	325,000	3.85	%	7/15/2029	325,000		325,000
3.41% Senior Notes due 2029	9/28/2022	€	150,000	3.41	%	9/28/2029	160,575		165,750
0.95% Senior Notes due 2030	3/8/2021	€	525,000	0.95	%	6/1/2030	562,013		580,125
2.4% Senior Notes due 2031	10/14/2020	$	500,000	2.4	%	2/1/2031	500,000		500,000
2.45% Senior Notes due 2032	10/15/2021	$	350,000	2.45	%	2/1/2032	350,000		350,000
4.25% Senior Notes due 2032	5/16/2024	€	650,000	4.25	%	7/23/2032	695,825		—
3.7% Senior Notes due 2032	9/28/2022	€	200,000	3.7	%	9/28/2032	214,100		221,000
2.25% Senior Notes due 2033	2/25/2021	$	425,000	2.25	%	4/1/2033	425,000		425,000
5.375% Senior Notes due 2034	6/28/2024	$	400,000	5.375	%	6/30/2034	400,000		—
							$	6,573,513	$	6,076,875

__________

(a)Aggregate balance excludes unamortized deferred financing costs totaling $28.0 million and $21.1 million, and unamortized discount totaling $25.6 million and $20.1 million, at June 30, 2024 and December 31, 2023, respectively.

(b)In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity.

(c)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2023 Annual Report. We were in compliance with all of these covenants at June 30, 2024.

Non-Recourse Mortgages

At June 30, 2024, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.5% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.5% and 5.4%, respectively), with maturity dates ranging from August 2024 to February 2033.

In June 2024, we assumed a non-recourse mortgage loan with an outstanding principal balance of $21.9 million in connection with the acquisition of a property (Note 4). This mortgage loan has a fixed annual interest rate of 4.5% and a maturity date of February 6, 2028.

Repayments

During the six months ended June 30, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $84.9 million and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.8%.

Foreign Currency Exchange Rate Impact

During the six months ended June 30, 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $150.5 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023 to June 30, 2024.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of June 30, 2024 are as follows (in thousands):

Years Ending December 31,	Total
2024 (remainder) (a)	$	602,952
2025	707,294
2026	1,510,520
2027	537,595
2028	1,156,892
Thereafter through 2034	3,651,313
Total principal payments	8,166,566
Unamortized discount, net	(35,570)
Unamortized deferred financing costs	(28,548)
Total	$	8,102,448

__________

(a)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2024.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

At June 30, 2024, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

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Stock-Based Compensation and Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stock-Based Compensation and Equity

Stock-Based Compensation and Equity

Stock-Based Compensation

In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000 additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on June 14, 2024. Our 2017 Share Incentive Plan and certain other stock-based compensation plans that we maintain are more fully described in the 2023 Annual Report. We recorded stock-based compensation expense of $8.9 million and $9.0 million during the three months ended June 30, 2024 and 2023, respectively, and $17.8 million and $16.8 million during the six months ended June 30, 2024 and 2023, respectively, which was included in Stock-based compensation expense in the consolidated financial statements.

Restricted and Conditional Awards

Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at June 30, 2024 and changes during the six months ended June 30, 2024 were as follows:

	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2024	447,358	$	77.69	526,413	$	105.92
Granted (a)	266,896	64.95		213,645	82.95
Vested (b)	(158,231)	76.52		(309,670)	86.19
Forfeited	(3,393)	73.29		(2,795)	101.04
Adjustment (c)	—	—		36,984	89.07
Nonvested at June 30, 2024 (d)	552,630	$	71.45	464,577	$	112.29

__________

(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the six months ended June 30, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero.

(b)The grant date fair value of shares vested during the six months ended June 30, 2024 was $38.8 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2024 and December 31, 2023, we had an obligation to issue 1,389,682 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.4 million and $62.0 million, respectively.

(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at June 30, 2024 to reflect the number of shares expected to be issued when the PSUs vest.

(d)At June 30, 2024, total unrecognized compensation expense related to these awards was approximately $56.6 million, with an aggregate weighted-average remaining term of 2.0 years.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income — basic and diluted	$	142,895	$	144,620	$	302,118	$	439,000
Weighted-average shares outstanding — basic	220,195,910		215,075,114		220,113,753		213,522,150
Effect of dilutive securities	18,208		109,371		147,772		353,321
Weighted-average shares outstanding — diluted	220,214,118		215,184,485		220,261,525		213,875,471

For the three and six months ended June 30, 2024 and 2023, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

Acquisition of Noncontrolling Interest

On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the three and six months ended June 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.

ATM Program and Forward Equity

On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”).

During 2023, we settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Shares of common stock delivered	—		—		—		3,081,867
Net proceeds	$	—	$	—	$	—	$	249,806

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

	Three Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	16,082	$	(268,598)	$	(252,516)
Other comprehensive income before reclassifications	3,459		(24)		3,435
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,877)		—		(2,877)
Interest expense	(701)		—		(701)
Total	(3,578)		—		(3,578)
Net current period other comprehensive loss	(119)		(24)		(143)
Net current period other comprehensive loss attributable to noncontrolling interests	—		19		19
Ending balance	$	15,963	$	(268,603)	$	(252,640)

	Three Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	28,816	$	(313,374)	$	(284,558)
Other comprehensive income before reclassifications	(1,270)		9,479		8,209
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(3,564)		—		(3,564)
Interest expense	(103)		—		(103)
Total	(3,667)		—		(3,667)
Net current period other comprehensive income	(4,937)		9,479		4,542
Net current period other comprehensive loss attributable to noncontrolling interests	—		85		85
Ending balance	$	23,879	$	(303,810)	$	(279,931)

	Six Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	9,650	$	(264,517)	$	(254,867)
Other comprehensive income before reclassifications	12,908		(4,362)		8,546
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(5,066)		—		(5,066)
Interest expense	(1,529)		—		(1,529)
Total	(6,595)		—		(6,595)
Net current period other comprehensive income	6,313		(4,362)		1,951
Net current period other comprehensive loss attributable to noncontrolling interests	—		276		276
Ending balance	$	15,963	$	(268,603)	$	(252,640)

	Six Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	36,079	$	(319,859)	$	(283,780)
Other comprehensive income before reclassifications	(3,858)		15,936		12,078
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(7,869)		—		(7,869)
Interest expense	(473)		—		(473)
Total	(8,342)		—		(8,342)
Net current period other comprehensive income	(12,200)		15,936		3,736
Net current period other comprehensive loss attributable to noncontrolling interests	—		113		113
Ending balance	$	23,879	$	(303,810)	$	(279,931)

See Note 9 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Dividends Declared

During the second quarter of 2024, our board of directors declared a quarterly dividend of $0.870 per share, which was paid on July 15, 2024 to stockholders of record as of June 28, 2024.

During the six months ended June 30, 2024, we declared dividends totaling $1.735 per share.

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Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and six months ended June 30, 2024 and 2023.

Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three and six months ended June 30, 2024 and 2023.

Current income tax expense was $7.6 million and $12.9 million for the three months ended June 30, 2024 and 2023, respectively, and $17.7 million and $23.6 million for the six months ended June 30, 2024 and 2023, respectively. Deferred income tax benefit (expense) was $1.4 million and $2.7 million for the three months ended June 30, 2024 and 2023, respectively, and $2.8 million and $(1.6) million for the six months ended June 30, 2024 and 2023, respectively.

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Property Dispositions

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Property Dispositions

We implemented the Office Sale Program in September 2023, which is substantially completed (Note 1).

All property dispositions are also discussed in Note 4 and Note 5.

2024 — During the three and six months ended June 30, 2024, we sold 12 and 165 properties, respectively, for total proceeds, net of selling costs, of $133.7 million and $1.0 billion, respectively, and recognized a net gain on these sales totaling $39.4 million and $54.8 million, respectively (inclusive of income taxes totaling less than $0.1 million and $3.1 million, respectively, recognized upon sale). One of the properties sold during the second quarter of 2024 was a hotel operating property.

This disposition activity for the three and six months ended June 30, 2024 includes the sale of three and 75 properties, respectively, under the Office Sale Program for total proceeds, net of selling costs, of $61.9 million and $451.9 million, respectively, resulting in a net (loss) gain on these sales totaling $(1.7) million and $0.4 million, respectively.

2023 — During the three and six months ended June 30, 2023, we sold three and eight properties, respectively, for total proceeds, net of selling costs, of $3.1 million and $44.1 million, respectively, and recognized a net gain on these sales totaling $1.8 million and $3.4 million, respectively.

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Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Senior Unsecured Notes Repayment

In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 10).

Acquisitions

In July 2024, we completed two acquisitions totaling approximately $67.3 million. They are as follows:

•$38.0 million for four properties (three industrial, one retail) in the United States, which is part of the portfolio acquisition we completed during the second quarter of 2024 (Note 4); and

•$29.3 million for a portfolio of 114 grocery stores in Poland.

Dispositions

In July 2024, we sold four properties for gross proceeds totaling approximately $74.9 million. Two of these properties were sold pursuant to the Office Sale Program for gross proceeds totaling $50.9 million (Note 1), one of which was classified as held for sale as of June 30, 2024 (Note 4).

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).

Basis of Consolidation

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

Variable Interest Entity

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2023 Annual Report.

During the six months ended June 30, 2024, we declassified ten entities as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”) and dispositions.

At June 30, 2024 and December 31, 2023, we considered 12 and 21 entities, respectively, to be VIEs, of which we consolidated seven and 15, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	126,223	$	237,858
Land, buildings and improvements — operating properties	—		39,422
Net investments in finance leases and loans receivable	159,103		595,524
In-place lease intangible assets and other	11,402		40,650
Above-market rent intangible assets	3,894		6,828
Accumulated depreciation and amortization	(17,302)		(23,580)
Total assets	303,241		947,509
Non-recourse mortgages, net	$	50,793	$	59,715
Below-market rent intangible liabilities, net	28		32
Total liabilities	67,580		101,047

At June 30, 2024 and December 31, 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) three unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off (Note 1). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of June 30, 2024. As of June 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $732.6 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Reclassifications

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.

Revenue Recognition

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2023 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues.

Intangible Assets and Liabilities and Goodwill

In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Fair Value Measurement

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

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Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	126,223	$	237,858
Land, buildings and improvements — operating properties	—		39,422
Net investments in finance leases and loans receivable	159,103		595,524
In-place lease intangible assets and other	11,402		40,650
Above-market rent intangible assets	3,894		6,828
Accumulated depreciation and amortization	(17,302)		(23,580)
Total assets	303,241		947,509
Non-recourse mortgages, net	$	50,793	$	59,715
Below-market rent intangible liabilities, net	28		32
Total liabilities	67,580		101,047

Schedule of Reconciliation of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,085,967	$	633,860
Restricted cash (a)	143,703		58,111
Total cash and cash equivalents and restricted cash	$	1,229,670	$	691,971

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of June 30, 2024 includes $106.9 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Schedule of Reconciliation of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,085,967	$	633,860
Restricted cash (a)	143,703		58,111
Total cash and cash equivalents and restricted cash	$	1,229,670	$	691,971

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of June 30, 2024 includes $106.9 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

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Agreements and Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Asset management revenue (a) (b)	$	1,686	$	303	$	3,579	$	642
Administrative reimbursements (a) (c)	1,000		—		2,000		—
Reimbursable costs from affiliates (a) (c)	57		124		120		225
	$	2,743	$	427	$	5,699	$	867

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
NLOP	$	2,599	$	—	$	5,403	$	—
CESH	144		427		296		867
	$	2,743	$	427	$	5,699	$	867

__________

(a)Amounts represent revenues from contracts under ASC 606.

(b)Included within Asset management revenue in the consolidated statements of income.

(c)Included within Other advisory income and reimbursements in the consolidated statements of income.

Schedule of Balances Due to and From Related Party

The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):

	June 30, 2024		December 31, 2023
Asset management fees receivable	$	542	$	1,349
Accounts receivable	514		768
Reimbursable costs	52		59
	$	1,108	$	2,176

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Land, Buildings and Improvements, and Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Schedule of Real Estate

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Land	$	2,299,528	$	2,248,300
Buildings and improvements	10,004,871		9,801,596
Real estate under construction	37,580		45,562
Less: Accumulated depreciation	(1,589,966)		(1,509,730)
	$	10,752,013	$	10,585,728

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

	Total Capitalized Costs
Land	$	82,449
Buildings and improvements	311,003
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.9 years)	56,855
Below-market rent (expected life of 12.8 years)	(408)
Debt discount and deferred financing costs on non-recourse mortgage loan assumed	1,459
	$	451,358

Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

	June 30, 2024		December 31, 2023
Land	$	147,170	$	150,084
Buildings and improvements	1,091,170		1,104,635
Real estate under construction	—		1,530
Less: Accumulated depreciation	(88,885)		(80,057)
	$	1,149,455	$	1,176,192

Schedule of Real Estate Acquired

During the six months ended June 30, 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Doncaster, United Kingdom (a)	2	1/9/2024	Retail	$	30,055
Various, Italy (a)	5	1/30/2024	Industrial, Warehouse	148,130
Laval, Canada (a)	1	3/26/2024	Industrial	2,604
Commercial Point, Ohio	1	4/5/2024	Warehouse	94,220
Tucson, Arizona	1	5/13/2024	Warehouse	38,784
Portfolio Acquisition:
Various, United States	5	5/15/2024	Industrial, Warehouse	44,400
Various, United States	4	5/15/2024	Industrial	23,330
Sylacauga, Alabama	1	5/15/2024	Industrial	5,852
Moxee, Washington and La Porte, Indiana (b)	2	6/26/2024	Industrial	37,019
Portfolio Total	12			110,601
Mesa and Laveen, Arizona	2	6/3/2024	Retail	26,964
	24			$	451,358

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

(b)In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $21.9 million (Note 10).

Schedule of Real Estate under Construction

During the six months ended June 30, 2024, we completed the following construction projects (dollars in thousands):

Property Location(s)	Primary Transaction Type	Number of Properties	Date of Completion	Property Type	Total Capitalized Costs
Salisbury, North Carolina	Expansion	1	3/8/2024	Industrial	$	14,737
Little Rock, Arkansas	Expansion	1	4/10/2024	Self-Storage (Operating)	3,280
Irvine, California	Redevelopment	1	6/27/2024	Industrial	15,222
		3			$	33,239

Schedule of Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease income — fixed	$	287,709	$	324,468	$	573,883	$	632,534
Lease income — variable (a)	36,395		44,656		72,472		88,926
Total operating lease income	$	324,104	$	369,124	$	646,355	$	721,460

__________

(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Schedule of Disclosure of Long Lived Assets Held-for-Sale

Below is a summary of our properties held for sale (in thousands):

	June 30, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	10,676	$	46,986
In-place lease intangible assets and other	778		5,222
Above-market rent intangible assets	—		8,374
Accumulated depreciation and amortization	(3,711)		(23,460)
Assets held for sale, net	$	7,743	$	37,122

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Finance Receivables (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Net Investments in Finance Leases and Loans Receivable

Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):

	Maturity Date	June 30, 2024		December 31, 2023
Net investments in direct financing leases (a)	2024 – 2036	$	320,714	$	431,328
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	311,068		236,611
Net investments in sales-type leases (c)	2024	20,885		835,734
Secured loans receivable (d)	2024	15,000		11,250
		$	667,667	$	1,514,923

__________

(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(b)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $6.2 million and $0.8 million as of June 30, 2024 and December 31, 2023, respectively.

(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of June 30, 2024 or December 31, 2023.

(d)Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of June 30, 2024.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable	$	197,995	$	285,512
Unguaranteed residual value	302,667		434,234
	500,662		719,746
Less: unearned income	(168,306)		(251,441)
Less: allowance for credit losses (a)	(11,642)		(36,977)
	$	320,714	$	431,328

__________

(a)During the six months ended June 30, 2024 and 2023, we recorded a net release of allowance for credit losses of $8.4 million and $3.6 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the six months ended June 30, 2024, we reduced the allowance for credit losses balance by $17.0 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.

Schedule of Income from Finance Leases and Loans Receivable

Income from finance leases and loans receivable is summarized as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net investments in direct financing leases	$	8,763	$	12,751	$	17,692	$	25,449
Sale-leaseback transactions accounted for as loans receivable	5,620		3,684		9,521		7,343
Net investments in sales-type leases	578		9,688		11,576		12,917
Secured loans receivable	—		1,188		1,965		2,357
	$	14,961	$	27,311	$	40,754	$	48,066

Schedule of Net Investments in Sales-Type Leases

Net investments in sales-type leases is summarized as follows (in thousands):

	June 30, 2024		December 31, 2023
Lease payments receivable (a)	$	21,460	$	849,881
	21,460		849,881
Less: unearned income	(575)		(14,147)
	$	20,885	$	835,734

__________

(a)Includes estimated purchase price and total rents owed.

Schedule of Loans Receivable

During the six months ended June 30, 2024, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Investment
Various, Italy (a)	4	3/26/2024	Industrial, Warehouse	$	83,890
	4			$	83,890

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

Schedule of Finance Receivables Credit Quality Indicators

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):

	Number of Tenants / Obligors at		Carrying Value at
Internal Credit Quality Indicator	June 30, 2024	December 31, 2023	June 30, 2024		December 31, 2023
1 – 3	17	18	$	592,885	$	1,338,877
4	7	8	92,614		215,953
5	—	—	—		—
			$	685,499	$	1,554,830

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Goodwill and Other Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	2,334	$	(726)	$	1,608	$	20,745	$	(19,569)	$	1,176
	2,334		(726)		1,608		20,745		(19,569)		1,176
Lease Intangibles:
In-place lease	2,120,227		(945,307)		1,174,920		2,168,739		(934,138)		1,234,601
Above-market rent	676,666		(472,358)		204,308		706,773		(481,554)		225,219
	2,796,893		(1,417,665)		1,379,228		2,875,512		(1,415,692)		1,459,820
Goodwill
Goodwill	973,204		—		973,204		978,289		—		978,289
Total intangible assets	$	3,772,431	$	(1,418,391)	$	2,354,040	$	3,874,546	$	(1,435,261)	$	2,439,285
Finite-Lived Intangible Liabilities
Below-market rent	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)
Total intangible liabilities	$	(202,445)	$	73,735	$	(128,710)	$	(203,413)	$	66,541	$	(136,872)

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Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):

		Carrying Value at
Lessee/Fund/Description	Ownership Interest	June 30, 2024		December 31, 2023
Las Vegas Retail Complex (a)	N/A	$	239,848	$	235,979
Johnson Self Storage	90.00%	63,130		63,934
Kesko Senukai (b)	70.00%	27,723		28,860
Harmon Retail Corner (c)	15.00%	24,343		24,229
CESH (d)	2.43%	1,176		1,259
		$	356,220	$	354,261

__________

(a)On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2024) for a retail complex in Las Vegas, Nevada. Through June 30, 2024, we funded $236.3 million, including $4.9 million during the six months ended June 30, 2024. Equity income from this investment was $8.3 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

(b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of June 30, 2024 is based on the estimated fair value of our investment as of March 31, 2024.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Other Financial Instruments in Carrying Values and Fair Values

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		June 30, 2024				December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2 and 3	$	6,519,887	$	6,055,979	$	6,035,686	$	5,598,423
Non-recourse mortgages, net (a) (b) (d)	3	467,200		466,516		579,147		572,553

__________

(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $28.0 million and $21.0 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.2 million and less than $0.1 million at June 30, 2024 and December 31, 2023, respectively.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $25.6 million and $20.1 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $3.8 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively.

(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

Schedule of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):

	Three Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

	Six Months Ended June 30,
	2024				2023
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate	$	75,944	$	15,752	$	—	$	—
			$	15,752			$	—

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Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Foreign currency collars	Other assets, net	$	16,351	$	14,103	$	—	$	—
Interest rate swaps	Other assets, net	603		995		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(617)		(4,029)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(168)		(1,678)
		16,954		15,098		(785)		(5,707)
Derivatives Not Designated as Hedging Instruments
Foreign currency collars	Other assets, net	301		—		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(217)
		301		—		—		(217)
Total derivatives		$	17,255	$	15,098	$	(785)	$	(5,924)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in  Other Comprehensive Income (Loss) (a)
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2024		2023		2024		2023
Interest rate swaps	$	(447)	$	1,827	$	1,183	$	1,197
Foreign currency collars	332		(6,412)		5,660		(12,638)
Interest rate cap	—		1		—		(6)
Total	$	(115)	$	(4,584)	$	6,843	$	(11,447)

		Amount of Gain (Loss) on Derivatives Reclassified from  Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Foreign currency collars	Non-operating income	$	2,877	$	3,564	$	5,066	$	7,869
Interest rate swaps and cap	Interest expense	701		103		1,529		473
Total		$	3,578	$	3,667	$	6,595	$	8,342

__________

(a)Excludes net losses of less than $0.1 million and $0.4 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2024 and 2023, respectively, and net losses of $0.5 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Interest rate swaps	Interest expense	$	(727)	$	(131)	$	(1,587)	$	(537)
Foreign currency collars	Non-operating income	448		183		1,376		(16)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	25		98		517		(41)
Total		$	(254)	$	150	$	306	$	(594)

Schedule of Derivative Instruments

The interest rate swaps that our consolidated subsidiaries had outstanding at June 30, 2024 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	3	21,268	USD	$	557
Interest rate swaps	5	544,327	EUR	(122)
				$	435

__________ 

(a)Fair value amounts are based on the exchange rate of the euro at June 30, 2024, as applicable.

The following table presents the foreign currency collars that we had outstanding at June 30, 2024 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2024
Designated as Cash Flow Hedging Instruments
Foreign currency collars	51	256,000	EUR	$	14,322
Foreign currency collars	30	19,080	GBP	1,412
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	2	10,000	EUR	301
				$	16,035

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Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Credit Facility

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

Senior Unsecured Credit Facility	Interest Rate at June 30, 2024 (a)	Maturity Date at June 30, 2024	Principal Outstanding Balance at
			June 30, 2024		December 31, 2023
Unsecured Term Loans: (b)
Unsecured Term Loan due 2026 — borrowing in euros (c)	4.34%	4/24/2026	$	535,250	$	552,500
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)	SONIA + 0.85%	2/14/2028	341,495		343,306
EUR Term Loan due 2028 — borrowing in euros (e)	EURIBOR + 0.85%	2/14/2028	230,158		237,575
			1,106,903		1,133,381
Unsecured Revolving Credit Facility:
Borrowing in Japanese yen (f)	TIBOR + 0.775%	2/14/2029	15,005		17,035
Borrowing in euros	N/A	2/14/2029	—		386,750
			15,005		403,785
			$	1,121,908	$	1,537,166

__________

(a)The applicable interest rate at June 30, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1.

(b)Balance excludes unamortized discount of $6.2 million and $7.4 million at June 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.

(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through December 31, 2024. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2026 will be subject to a variable interest rate of EURIBOR + 0.85%.

(d)SONIA means Sterling Overnight Index Average.

(e)EURIBOR means Euro Interbank Offered Rate.

(f)TIBOR means Tokyo Interbank Offered Rate.

Schedule of Senior Unsecured Notes

The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2024 (currency in thousands):

		Principal Amount		Coupon Rate		Maturity Date	Principal Outstanding Balance at
Senior Unsecured Notes, net (a)	Issue Date						June 30, 2024		December 31, 2023
4.6% Senior Notes due 2024 (b)	3/14/2014	$	500,000	4.6	%	4/1/2024	$	—	$	500,000
2.25% Senior Notes due 2024 (c)	1/19/2017	€	500,000	2.25	%	7/19/2024	535,250		552,500
4.0% Senior Notes due 2025	1/26/2015	$	450,000	4.0	%	2/1/2025	450,000		450,000
2.25% Senior Notes due 2026	10/9/2018	€	500,000	2.25	%	4/9/2026	535,250		552,500
4.25% Senior Notes due 2026	9/12/2016	$	350,000	4.25	%	10/1/2026	350,000		350,000
2.125% Senior Notes due 2027	3/6/2018	€	500,000	2.125	%	4/15/2027	535,250		552,500
1.35% Senior Notes due 2028	9/19/2019	€	500,000	1.35	%	4/15/2028	535,250		552,500
3.85% Senior Notes due 2029	6/14/2019	$	325,000	3.85	%	7/15/2029	325,000		325,000
3.41% Senior Notes due 2029	9/28/2022	€	150,000	3.41	%	9/28/2029	160,575		165,750
0.95% Senior Notes due 2030	3/8/2021	€	525,000	0.95	%	6/1/2030	562,013		580,125
2.4% Senior Notes due 2031	10/14/2020	$	500,000	2.4	%	2/1/2031	500,000		500,000
2.45% Senior Notes due 2032	10/15/2021	$	350,000	2.45	%	2/1/2032	350,000		350,000
4.25% Senior Notes due 2032	5/16/2024	€	650,000	4.25	%	7/23/2032	695,825		—
3.7% Senior Notes due 2032	9/28/2022	€	200,000	3.7	%	9/28/2032	214,100		221,000
2.25% Senior Notes due 2033	2/25/2021	$	425,000	2.25	%	4/1/2033	425,000		425,000
5.375% Senior Notes due 2034	6/28/2024	$	400,000	5.375	%	6/30/2034	400,000		—
							$	6,573,513	$	6,076,875

__________

(a)Aggregate balance excludes unamortized deferred financing costs totaling $28.0 million and $21.1 million, and unamortized discount totaling $25.6 million and $20.1 million, at June 30, 2024 and December 31, 2023, respectively.

(b)In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity.

(c)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

Scheduled Debt Principal Payments

Scheduled debt principal payments as of June 30, 2024 are as follows (in thousands):

Years Ending December 31,	Total
2024 (remainder) (a)	$	602,952
2025	707,294
2026	1,510,520
2027	537,595
2028	1,156,892
Thereafter through 2034	3,651,313
Total principal payments	8,166,566
Unamortized discount, net	(35,570)
Unamortized deferred financing costs	(28,548)
Total	$	8,102,448

__________

(a)In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 15).

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Stock-Based Compensation and Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Restricted and Conditional Award Activity

Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at June 30, 2024 and changes during the six months ended June 30, 2024 were as follows:

	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2024	447,358	$	77.69	526,413	$	105.92
Granted (a)	266,896	64.95		213,645	82.95
Vested (b)	(158,231)	76.52		(309,670)	86.19
Forfeited	(3,393)	73.29		(2,795)	101.04
Adjustment (c)	—	—		36,984	89.07
Nonvested at June 30, 2024 (d)	552,630	$	71.45	464,577	$	112.29

__________

(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the six months ended June 30, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero.

(b)The grant date fair value of shares vested during the six months ended June 30, 2024 was $38.8 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2024 and December 31, 2023, we had an obligation to issue 1,389,682 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.4 million and $62.0 million, respectively.

(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at June 30, 2024 to reflect the number of shares expected to be issued when the PSUs vest.

(d)At June 30, 2024, total unrecognized compensation expense related to these awards was approximately $56.6 million, with an aggregate weighted-average remaining term of 2.0 years.

Schedule of Earnings Per Share Reconciliation

The following table summarizes basic and diluted earnings (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income — basic and diluted	$	142,895	$	144,620	$	302,118	$	439,000
Weighted-average shares outstanding — basic	220,195,910		215,075,114		220,113,753		213,522,150
Effect of dilutive securities	18,208		109,371		147,772		353,321
Weighted-average shares outstanding — diluted	220,214,118		215,184,485		220,261,525		213,875,471

Schedule of Stockholders Equity

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Shares of common stock delivered	—		—		—		3,081,867
Net proceeds	$	—	$	—	$	—	$	249,806

Schedule of Reclassification Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

	Three Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	16,082	$	(268,598)	$	(252,516)
Other comprehensive income before reclassifications	3,459		(24)		3,435
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,877)		—		(2,877)
Interest expense	(701)		—		(701)
Total	(3,578)		—		(3,578)
Net current period other comprehensive loss	(119)		(24)		(143)
Net current period other comprehensive loss attributable to noncontrolling interests	—		19		19
Ending balance	$	15,963	$	(268,603)	$	(252,640)

	Three Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	28,816	$	(313,374)	$	(284,558)
Other comprehensive income before reclassifications	(1,270)		9,479		8,209
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(3,564)		—		(3,564)
Interest expense	(103)		—		(103)
Total	(3,667)		—		(3,667)
Net current period other comprehensive income	(4,937)		9,479		4,542
Net current period other comprehensive loss attributable to noncontrolling interests	—		85		85
Ending balance	$	23,879	$	(303,810)	$	(279,931)

	Six Months Ended June 30, 2024
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	9,650	$	(264,517)	$	(254,867)
Other comprehensive income before reclassifications	12,908		(4,362)		8,546
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(5,066)		—		(5,066)
Interest expense	(1,529)		—		(1,529)
Total	(6,595)		—		(6,595)
Net current period other comprehensive income	6,313		(4,362)		1,951
Net current period other comprehensive loss attributable to noncontrolling interests	—		276		276
Ending balance	$	15,963	$	(268,603)	$	(252,640)

	Six Months Ended June 30, 2023
	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Beginning balance	$	36,079	$	(319,859)	$	(283,780)
Other comprehensive income before reclassifications	(3,858)		15,936		12,078
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(7,869)		—		(7,869)
Interest expense	(473)		—		(473)
Total	(8,342)		—		(8,342)
Net current period other comprehensive income	(12,200)		15,936		3,736
Net current period other comprehensive loss attributable to noncontrolling interests	—		113		113
Ending balance	$	23,879	$	(303,810)	$	(279,931)

XML

Business and Organization (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2024 ft² property tenant segment	Nov. 01, 2023 property	Sep. 30, 2023 property
Additional disclosures
Number of reportable segments | segment	1
Number of business segments | segment	1
Owned Real Estate
Additional disclosures
Number of real estate properties (property)	1,291
Square footage of real estate properties | ft²	170.0
Number of tenants (tenant) | tenant	346
Lease term (in years)	12 years
Occupancy rate (as a percent)	98.80%
Owned Real Estate | Operating Properties
Additional disclosures
Number of real estate properties (property)	95
Square footage of real estate properties | ft²	7.3
Owned Real Estate | Self- Storage
Additional disclosures
Number of real estate properties (property)	89
Owned Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	4
Owned Real Estate | Student Housing Properties
Additional disclosures
Number of real estate properties (property)	2
Office Property | Spinoff | NLOP
Additional disclosures
Number of real estate properties (property)		59	59
Office Property | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Additional disclosures
Number of real estate properties (property)		85

XML

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) property vie entity	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property vie entity	Jun. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) vie property	Mar. 31, 2023 property
Basis of Consolidation
Variable interest entities declassified, count | entity	(10)		(10)
Variable interest entities, count | vie	12		12		21
Variable interest entities consolidated, count | vie	7		7		15
Variable interest entities unconsolidated, count | vie	5		5		6
Equity method investments in real estate | $	$ 356,220		$ 356,220		$ 354,261
Proceeds from the disposition | $			$ 106,900
Properties Disposed of by Sale
Basis of Consolidation
Number of real estate properties (property)	1		1
Number of properties sold	12	3	165	8
Properties Disposed of by Sale | Land, Buildings and Improvements [Member]
Basis of Consolidation
Number of properties sold	1		14
Owned Real Estate
Basis of Consolidation
Operating property revenues | $	$ 38,715	$ 50,676	$ 75,358	$ 91,562
Number of real estate properties (property)	1,291		1,291
Owned Real Estate | Hotel
Basis of Consolidation
Operating property revenues | $	$ 12,400	$ 24,700	$ 22,500	$ 40,200
Number of real estate properties (property)	4		4
Number of properties sold	1				8
Owned Real Estate | Hotel | United States
Basis of Consolidation
Number of real estate properties (property)	13		13
Owned Real Estate | Hotel | Adjustments | United States
Basis of Consolidation
Number of real estate properties (property)						12
Variable Interest Entity
Basis of Consolidation
Principle amount of debt derecognized | $					$ 19,000
Equity method investments in real estate | $	$ 732,600		$ 732,600		$ 729,800
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2		2
Owned Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	3		3

XML

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Assets
Land, buildings and improvements — net lease and other		$ 12,341,979	$ 12,095,458
Land, buildings and improvements — operating properties		1,238,340	1,256,249
Net investments in finance leases and loans receivable		667,667	1,514,923
In-place lease intangible assets and other		2,256,793	2,308,853
Above-market rent intangible assets		676,666	706,773
Accumulated depreciation and amortization		(3,096,516)	(3,005,479)
Total assets	[1]	17,769,285	17,976,783
Liabilities
Non-recourse mortgages, net		467,200	579,147
Below-market rent intangible liabilities, net		128,710	136,872
Total liabilities	[1]	9,129,786	9,269,786
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		126,223	237,858
Land, buildings and improvements — operating properties		0	39,422
Net investments in finance leases and loans receivable		159,103	595,524
In-place lease intangible assets and other		11,402	40,650
Above-market rent intangible assets		3,894	6,828
Accumulated depreciation and amortization		(17,302)	(23,580)
Total assets		303,241	947,509
Liabilities
Non-recourse mortgages, net		50,793	59,715
Below-market rent intangible liabilities, net		28	32
Total liabilities		$ 67,580	$ 101,047

[1] See Note 2 for details related to variable interest entities (“VIEs”).

XML

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,085,967	$ 633,860
Restricted cash	143,703	58,111
Total cash and cash equivalents and restricted cash	$ 1,229,670	$ 691,971	$ 286,287	$ 224,141

XML

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment Management
Related Party Transaction
Operating property revenues	$ 2,743	$ 427	$ 5,699	$ 867
Asset management revenue
Related Party Transaction
Operating property revenues	1,686	303	3,579	642
Administrative reimbursements
Related Party Transaction
Operating property revenues	1,000	0	2,000	0
Reimbursable costs from affiliates
Related Party Transaction
Operating property revenues	$ 57	$ 124	$ 120	$ 225

XML

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction
Operating property revenues	$ 2,743	$ 427	$ 5,699	$ 867
NLOP
Related Party Transaction
Operating property revenues	2,599	0	5,403	0
CESH
Related Party Transaction
Operating property revenues	$ 144	$ 427	$ 296	$ 867

XML

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction
Due from affiliates	$ 1,261,222	$ 1,096,474
Affiliated Entity
Related Party Transaction
Asset management fees receivable	542	1,349
Accounts receivable	514	768
Reimbursable costs	52	59
Due from affiliates	$ 1,108	$ 2,176

XML

Agreements and Transactions with Related Parties - Narratives (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) investment	Nov. 01, 2023 USD ($)
Related Party Transaction
Jointly owned investments	8
Jointly owned investment, accounted for under the equity method investments	4
Other Entity
Related Party Transaction
Jointly owned investment, accounted for under the equity method investments	4
CESH | Gross Assets Fair Value | Affiliated Entity
Related Party Transaction
Percentage of asset management fees earned (as a percent)	1.00%
NLOP | Affiliated Entity
Related Party Transaction
Management fee payable | $		$ 7.5
Administrative fee income | $	$ 4.0

XML

Land, Buildings and Improvements, and Assets Held for Sale - Assets Subject to Operating Leases (Details) - Operating Real Estate - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,589,966)	$ (1,509,730)
Net property subject to operating lease	10,752,013	10,585,728
Land
Real Estate Investment Property At Cost
Gross property subject to operating lease	2,299,528	2,248,300
Buildings and improvements
Real Estate Investment Property At Cost
Gross property subject to operating lease	10,004,871	9,801,596
Real estate under construction
Real Estate Investment Property At Cost
Gross property subject to operating lease	$ 37,580	$ 45,562

XML

Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) property $ / €	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property $ / €	Jun. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property $ / €
Real Estate Properties
Decrease in exchange rate (as a percent)			3.10%
Foreign currency exchange rate | $ / €	1.0705		1.0705		1.1050
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ (24)	$ 9,479	$ (4,362)	$ 15,936
Land, buildings and improvements — net lease and other	12,341,979		12,341,979		$ 12,095,458
Net investments in finance leases and loans receivable	320,714		320,714		$ 431,328
Investments in real estate
Capitalized construction cost			$ 24,200
Construction projects completed (property) | property			3		11
Unfunded commitment	92,600		$ 92,600		$ 71,800
Funding commitment	44,100		44,100
Capitalized interest	200	100	400	100
Lease payments	8,900	$ 4,300	10,700	5,600
Lease termination income				$ 11,400
Assets held for sale, net	$ 7,743		$ 7,743		$ 37,122
Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	1		1		2
Investments in real estate
Assets held for sale, net	$ 7,700		$ 7,700		$ 37,100
Properties Disposed of by Sale
Real Estate Properties
Number of real estate properties (property) | property	1		1
Investments in real estate
Number of properties sold | property	12	3	165	8
Land, Buildings and Improvements | Properties Disposed of by Sale
Investments in real estate
Number of properties sold | property	1		14
Increase (decrease) in carrying value of real estate			$ (102,900)		$ (102,900)
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (111,700)
Number of real estate properties (property) | property	24		24
Depreciation	$ 72,500	$ 79,700	$ 144,100	$ 171,000
Operating Real Estate
Real Estate Properties
Depreciation	$ 7,400	$ 7,700	14,700	$ 14,900
Hotel | Land, Buildings and Improvements | Properties Disposed of by Sale
Investments in real estate
Increase (decrease) in carrying value of real estate			$ (14,300)
Hotel | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	4		4		5
Self- Storage | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	80		80		80
Student Housing | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	2		2		2
Adjustments
Real Estate Properties
Land, buildings and improvements — net lease and other	$ 105,500		$ 105,500
Net investments in finance leases and loans receivable	$ (105,500)		$ (105,500)
Adjustments | Land, Buildings and Improvements — Net Lease and Other
Real Estate Properties
Number of real estate properties (property) | property	14		14

XML

Land, Buildings and Improvements, and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands									6 Months Ended
	Jun. 26, 2024 USD ($) property	Jun. 03, 2024 USD ($) property	May 15, 2024 USD ($) property	May 13, 2024 USD ($) property	Apr. 05, 2024 USD ($) property	Mar. 26, 2024 USD ($) property	Jan. 30, 2024 USD ($) property	Jan. 09, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment
Total Capitalized Costs									$ 448,088	$ 895,034
Secured debt									(467,200)		$ (579,147)
Non-Recourse Mortgage Loan
Property, Plant and Equipment
Secured debt									$ (21,900)
Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property									24
Total Capitalized Costs									$ 451,358
Operating Lease | Acquired Properties
Property, Plant and Equipment
Number of real estate properties (property) | property									12
Total Capitalized Costs									$ 110,601
Doncaster United Kingdom | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property								2
Total Capitalized Costs								$ 30,055
Various Italy | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property							5
Total Capitalized Costs							$ 148,130
Laval Canada | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property						1
Total Capitalized Costs						$ 2,604
Commercial Point, Ohio | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property					1
Total Capitalized Costs					$ 94,220
Tucson, Arizona | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property				1
Total Capitalized Costs				$ 38,784
Various, United States | Operating Lease | Acquired Properties
Property, Plant and Equipment
Number of real estate properties (property) | property			5
Total Capitalized Costs			$ 44,400
Various, United States | Operating Lease | Acquired Properties
Property, Plant and Equipment
Number of real estate properties (property) | property			4
Total Capitalized Costs			$ 23,330
Sylacauga, Alabama | Operating Lease | Acquired Properties
Property, Plant and Equipment
Number of real estate properties (property) | property			1
Total Capitalized Costs			$ 5,852
Moxee, Washington and La Porte, Indiana | Operating Lease | Acquired Properties
Property, Plant and Equipment
Number of real estate properties (property) | property	2
Total Capitalized Costs	$ 37,019
Mesa and Laveen, Arizona | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property		2
Total Capitalized Costs		$ 26,964

XML

Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment
Payment to acquire real estate	$ 448,088	$ 895,034
Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	451,358
Operating Lease | Long-Term Debt
Property, Plant and Equipment
Payment to acquire real estate	1,459
Operating Lease | In-place lease
Property, Plant and Equipment
Payment to acquire real estate	$ 56,855
Finite lived intangible assets useful life (in years)	14 years 10 months 24 days
Operating Lease | Below Market Rent
Property, Plant and Equipment
Payment to acquire real estate	$ 408
Finite lived intangible assets useful life (in years)	12 years 9 months 18 days
Land | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 82,449
Buildings and improvements | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 311,003

XML

Land, Buildings and Improvements, and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in Progress $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) property
Property, Plant and Equipment
Number of real estate properties (property) | property	3
Total Capitalized Costs | $	$ 33,239
Salisbury, North Carolina
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 14,737
Little Rock, Arkansas
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 3,280
Irvine, California
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 15,222

XML

Land, Buildings and Improvements, and Assets Held for Sale - Operating Lease Income (Details) - Owned Real Estate - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Lease, Lease Income
Lease income — fixed	$ 287,709	$ 324,468	$ 573,883	$ 632,534
Lease income — variable	36,395	44,656	72,472	88,926
Total operating lease income	$ 324,104	$ 369,124	$ 646,355	$ 721,460

XML

Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,238,340	$ 1,256,249
Less: Accumulated depreciation	(3,096,516)	(3,005,479)
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Less: Accumulated depreciation	(88,885)	(80,057)
Investments in real estate	1,149,455	1,176,192
Land | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	147,170	150,084
Buildings and improvements | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	1,091,170	1,104,635
Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	$ 0	$ 1,530

XML

Land, Buildings and Improvements, and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ (3,711)	$ (23,460)
Assets held for sale, net	7,743	37,122
In-place lease intangible assets and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	778	5,222
Above-market rent intangible assets
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	0	8,374
Land, buildings and improvements — net lease and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	$ 10,676	$ 46,986

XML

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Financing Receivables
Sale-leaseback transactions accounted for as loans receivable	$ 311,068,000	$ 236,611,000
Secured loans receivable	15,000,000	11,250,000
Net investment In lease and loans receivable	667,667,000	1,514,923,000
Loans receivable, allowance for credit losses		2,100,000
Financing receivable, allowance for credit loss	0
Loans Receivable
Financing Receivables
Allowance for credit loss	6,200,000	800,000
Direct Financing Lease
Financing Receivables
Net investments in direct financing leases	320,714,000	431,328,000
Sales-Type Leases
Financing Receivables
Net investments in direct financing leases	$ 20,885,000	$ 835,734,000

XML

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended			3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation				$ (24)		$ 9,479	$ (4,362)	$ 15,936
Net investments in finance leases and loans receivable	$ 320,714			320,714	$ 431,328		320,714
Land, buildings and improvements — net lease and other	12,341,979			12,341,979	12,095,458		12,341,979
Proceeds from repayment of loans receivable		$ 24,000					24,000	0
Release of allowance for credit losses			$ 2,100
Unpaid interest		$ 1,400
Gain on sale of real estate, net				39,363		$ 1,808	54,808	179,557
Self-Storage Properties Located in the United States
Finance Receivables
Gain on sale of real estate, net								$ 176,200
Direct Financing Lease
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation							$ (15,000)
Direct Financing Lease
Finance Receivables
Number of properties sold | property							1
Decrease in direct financing lease							$ 5,800
Sales-Type Lease
Finance Receivables
Loans receivable							451,400
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Finance Receivables
Notes receivable, face amount	$ 15,000			$ 15,000			$ 15,000
Interest rate on loan (percent)	15.00%
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Properties Located In Spain
Finance Receivables
Number of real estate properties (property) | property	70			70			70
Gain on sale of real estate, net					$ 59,100
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property	78			78			78
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Sales-Type Lease | Properties Located In Spain
Finance Receivables
Loans receivable							$ 359,300
Adjustments
Finance Receivables
Net investments in finance leases and loans receivable	$ (105,500)			$ (105,500)			(105,500)
Land, buildings and improvements — net lease and other	$ 105,500			$ 105,500			$ 105,500
Adjustments | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property	14			14			14
Net investments in finance leases and loans receivable	$ (105,500)			$ (105,500)			$ (105,500)
Land, buildings and improvements — net lease and other	$ 105,500			$ 105,500			$ 105,500

XML

Finance Receivables - Income from Finance Leases and Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Net investments in direct financing leases	$ 8,763	$ 12,751	$ 17,692	$ 25,449
Sale-leaseback transactions accounted for as loans receivable	5,620	3,684	9,521	7,343
Net investments in sales-type leases	578	9,688	11,576	12,917
Secured loans receivable	0	1,188	1,965	2,357
Income from finance leases and loans receivable	$ 14,961	$ 27,311	$ 40,754	$ 48,066

XML

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivables
Lease payments receivable	$ 197,995		$ 285,512
Unguaranteed residual value	302,667		434,234
Net investment in finance leases, excluding unearned income	500,662		719,746
Less: unearned income	(168,306)		(251,441)
Less: allowance for credit losses	(11,642)		(36,977)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	320,714		$ 431,328
Decrease in allowance for credit losses	(5,097)	$ (3,629)
Loans receivable, decrease in allowance for credit losses	17,000
Net Investments in Direct Financing Lease
Financing Receivables
Decrease in allowance for credit losses	$ 8,400	$ 3,600

XML

Finance Receivables - Sales-leaseback (Details) - Real Estate Associated with Sale-Leaseback $ in Thousands	Jun. 30, 2024 USD ($)	Mar. 26, 2024 property
Accounts, Notes, Loans and Financing Receivable
Number of real estate properties (property) | property		4
Total Investment | $	$ 83,890
Various Italy
Accounts, Notes, Loans and Financing Receivable
Number of real estate properties (property) | property		4
Total Investment | $	$ 83,890

XML

Finance Receivables - Net Investments in Sales-type Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Lease payments receivable	$ 21,460	$ 849,881
Lease payments receivable including unearned income	21,460	849,881
Less: unearned income	(575)	(14,147)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 20,885	$ 835,734

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Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Jun. 30, 2024 USD ($) tenant	Dec. 31, 2023 USD ($) tenant
Credit Quality of Finance Receivables
Net investments in direct financing leases	$ 685,499	$ 1,554,830
Internally Assigned Grade1-3
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	17	18
Net investments in direct financing leases	$ 592,885	$ 1,338,877
Internally Assigned Grade 4
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	7	8
Net investments in direct financing leases	$ 92,614	$ 215,953
Internally Assigned Grade 5
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	0	0
Net investments in direct financing leases	$ 0	$ 0

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Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets, Net
Decrease in goodwill as a result of foreign currency translation adjustments			$ 5,100
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ (24)	$ 9,479	(4,362)	$ 15,936
Amortization of intangible assets	$ 62,000	$ 63,600	104,700	$ 131,200
Net Intangible Assets
Finite-Lived Intangible Assets, Net
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (12,900)

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Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Accumulated Amortization	$ (1,418,391)	$ (1,435,261)
Goodwill
Total intangible assets, gross	3,772,431	3,874,546
Total intangible assets, net	2,354,040	2,439,285
Finite-Lived Intangible Liabilities
Less: accumulated amortization	73,735	66,541
Total intangible liabilities, gross	(202,445)	(203,413)
Total intangible liabilities, net	(128,710)	(136,872)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(202,445)	(203,413)
Less: accumulated amortization	73,735	66,541
Net amortizable intangible liabilities	(128,710)	(136,872)
Goodwill
Goodwill
Indefinite-lived intangible assets	973,204	978,289
Contracts including internal software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,334	20,745
Accumulated Amortization	(726)	(19,569)
Net Carrying Amount	1,608	1,176
Internal-use software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,334	20,745
Accumulated Amortization	(726)	(19,569)
Net Carrying Amount	1,608	1,176
Lease intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	2,796,893	2,875,512
Accumulated Amortization	(1,417,665)	(1,415,692)
Net Carrying Amount	1,379,228	1,459,820
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	2,120,227	2,168,739
Accumulated Amortization	(945,307)	(934,138)
Net Carrying Amount	1,174,920	1,234,601
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	676,666	706,773
Accumulated Amortization	(472,358)	(481,554)
Net Carrying Amount	$ 204,308	$ 225,219

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Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jun. 10, 2021
Equity Method Investment
Equity method investments in real estate	$ 356,220		$ 356,220		$ 354,261
Funding commitment	44,100		44,100
Earnings from equity method investments	6,636	$ 4,355	11,500	$ 9,591
Owned Real Estate | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	356,220		356,220		354,261
Owned Real Estate | Las Vegas Retail Complex | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	$ 239,848		239,848		235,979
Owned Real Estate | Las Vegas Retail Complex | Construction Commitment | Affiliated Entity
Equity Method Investment
Equity method investments in real estate						$ 236,300
Funding commitment						$ 261,900
Payments to settle other commitments			4,900
Earnings from equity method investments			$ 8,300	$ 5,900
Owned Real Estate | Johnson Self Storage | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	90.00%		90.00%
Equity method investments in real estate	$ 63,130		$ 63,130		63,934
Owned Real Estate | Kesko Senukai | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	70.00%		70.00%
Equity method investments in real estate	$ 27,723		$ 27,723		28,860
Owned Real Estate | Harmon Retail Corner | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	15.00%		15.00%
Equity method investments in real estate	$ 24,343		$ 24,343		24,229
Owned Real Estate | CESH | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	2.43%		2.43%
Equity method investments in real estate	$ 1,176		$ 1,176		$ 1,259

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Equity Method Investments - Narratives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity investments
Distributions of earnings from equity method investments	$ 12,147	$ 9,931
CESH | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments	0	500
Owned Real Estate | Unconsolidated Real Estate Investment
Equity investments
Distributions of earnings from equity method investments	13,000	$ 19,900
Aggregate unamortized basis difference on equity investments	$ 17,400		$ 18,000

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Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Assets
Equity method investments in real estate	$ 356,220		$ 356,220		$ 354,261
Impairment charges — real estate	15,752	$ 0	15,752	$ 0
GCIF
Fair Value Inputs, Assets
Proceeds from liquidation distribution			(400)
Equity method investments in real estate	$ 400		$ 400		800
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Number of impaired real estate properties (property) | property	3		3
Impairment charges — real estate	$ 15,752	$ 0	$ 15,752	$ 0
Lineage
Fair Value Inputs, Assets
Shares owned (in shares) | shares	5,541,478		5,541,478
Lineage | Level 3
Fair Value Inputs, Assets
Dividend income			$ 3,000
Fair value of investments	$ 404,900		$ 404,900		$ 404,900

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Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities:
Debt issuance costs, net	$ 28,548
Debt instrument, unamortized discount (premium), net	35,570
Level 2 and Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt issuance costs, net	200	$ 100
Debt instrument, unamortized discount (premium), net	3,800	4,300
Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	467,200	579,147
Level 3 | Fair Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	466,516	572,553
Senior Unsecured Notes, net | Level 2 and Level 3 | Carrying Value
Liabilities:
Debt instrument, fair value	6,519,887	6,035,686
Debt issuance costs, net	28,000	21,000
Debt instrument, unamortized discount (premium), net	25,600	20,100
Senior Unsecured Notes, net | Level 2 and Level 3 | Fair Value
Liabilities:
Debt instrument, fair value	$ 6,055,979	$ 5,598,423

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Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment charges — real estate	$ 15,752	$ 0	$ 15,752	$ 0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	75,944	0	75,944	0
Impairment charges — real estate	$ 15,752	$ 0	$ 15,752	$ 0

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Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0		$ 0
Derivative, remaining maturity (in years)	59 months		59 months
Total credit exposure on derivatives	$ 16,700,000		$ 16,700,000
Derivatives, net liability position	800,000		800,000		5,900,000
Aggregate termination value for immediate settlement	800,000		800,000		$ 6,000,000.0
Other comprehensive income foreign currency (losses) gains	37,400,000	$ 2,100,000	125,800,000	$ (69,400,000)
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 3,000,000.0		3,000,000.0
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			(500,000)
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			$ (10,100,000)

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Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value
Derivative assets, fair value	$ 17,255	$ 15,098
Liability derivatives, fair value	(785)	(5,924)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	16,954	15,098
Liability derivatives, fair value	(785)	(5,707)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	301	0
Liability derivatives, fair value	0	(217)
Other assets, net | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	16,351	14,103
Other assets, net | Foreign currency collars | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	301	0
Other assets, net | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	603	995
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Liability derivatives, fair value	(617)	(4,029)
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Liability derivatives, fair value	0	(217)
Accounts payable, accrued expenses and other liabilities | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Liability derivatives, fair value	$ (168)	$ (1,678)

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Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (115)	$ (4,584)	$ 6,843	$ (11,447)
Derivatives in Cash Flow Hedging Relationships  | Equity Method Investments
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(100)	(400)	(500)	(800)
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(447)	1,827	1,183	1,197
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	332	(6,412)	5,660	(12,638)
Interest rate cap | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 0	$ 1	$ 0	$ (6)

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Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 3,578	$ 3,667	$ 6,595	$ 8,342
Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	2,877	3,564	5,066	7,869
Interest rate swaps and cap | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 701	$ 103	$ 1,529	$ 473

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Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ (254)	$ 150	$ 306	$ (594)
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	(727)	(131)	(1,587)	(537)
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	448	183	1,376	(16)
Foreign currency collars | Derivatives Not Designated as Hedging Instruments | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 25	$ 98	$ 517	$ (41)

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Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as Cash Flow Hedging Instruments - Derivatives Designated as Hedging Instruments € in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) derivative	Jun. 30, 2024 EUR (€) derivative
Derivative Disclosure
Fair value	$ 435
Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative	3	3
Notional Amount	$ 21,268
Fair value	$ 557
Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative	5	5
Notional Amount | €		€ 544,327
Fair value	$ (122)

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Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) derivative	Jun. 30, 2024 EUR (€) derivative	Jun. 30, 2024 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives	$ 16,035
Foreign currency collars | Derivatives Not Designated as Hedging Instruments | EUR
Derivative Disclosure
Number of Instruments | derivative	2	2	2
Notional Amount | €		€ 10,000
Fair value, foreign currency derivatives	$ 301
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | EUR
Derivative Disclosure
Number of Instruments | derivative	51	51	51
Notional Amount | €		€ 256,000
Fair value, foreign currency derivatives	$ 14,322
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | GBP
Derivative Disclosure
Number of Instruments | derivative	30	30	30
Notional Amount | £			£ 19,080
Fair value, foreign currency derivatives	$ 1,412

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Debt - Narratives (Details)			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($)	May 16, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Senior Unsecured Credit Facility
Maximum borrowing capacity				$ 4,350,000,000		$ 4,350,000,000
Non Recourse Debt
Weighted average interest rate (as a percent)				4.50%		4.50%		4.50%	4.50%
Non-recourse mortgages, net				$ 467,200,000		$ 467,200,000				$ 579,147,000
Repayments of non recourse mortgage loan						127,683,000	$ 138,764,000
Decrease in value of balance sheet item due to foreign currency translation				(24,000)	$ 9,479,000	(4,362,000)	$ 15,936,000
Non-Recourse Mortgage Loan
Non Recourse Debt
Non-recourse mortgages, net				$ 21,900,000		$ 21,900,000
Fixed Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)				4.50%		4.50%		4.50%	4.50%
Variable Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)				5.40%		5.40%		5.40%	5.40%
Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount				$ 6,600,000,000		$ 6,600,000,000
Stated interest rate (as a percent)			4.60%
Repayment of unsecured debt			$ 500,000,000
Non-Recourse Debt
Senior Unsecured Credit Facility
Stated interest rate (as a percent)				4.80%		4.80%		4.80%	4.80%
Non Recourse Debt
Repayments of non recourse mortgage loan						$ 84,900,000
Prepayments of mortgage principal						33,800,000
Decrease in value of balance sheet item due to foreign currency translation						$ (150,500,000)
Government Bond Yield | Unsecured Senior Notes | Minimum
Senior Unsecured Credit Facility
Variable interest rate (as a percent)						0.20%
Government Bond Yield | Unsecured Senior Notes | Maximum
Senior Unsecured Credit Facility
Variable interest rate (as a percent)						0.35%
4.25% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount	$ 400,000,000	€ 650,000,000		$ 650,000,000		$ 650,000,000
Stated interest rate (as a percent)		4.25%		4.25%		4.25%		4.25%	4.25%
Undiscounted rate (as a percent)		99.526%
Debt instrument term (years)		8 years 2 months 12 days
5.375% Senior Notes due 2034 | Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount				$ 400,000,000		$ 400,000,000
Stated interest rate (as a percent)	5.375%			5.375%		5.375%		5.375%	5.375%
Undiscounted rate (as a percent)	98.843%
Debt instrument term (years)	10 years
2.25% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount | €								€ 500,000,000
Stated interest rate (as a percent)				2.25%		2.25%		2.25%	2.25%
Unsecured Term Loans
Senior Unsecured Credit Facility
Maximum borrowing capacity | €								€ 500,000,000.0			€ 500,000,000.0
Unsecured Term Loans | Term Loan due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €								300,000,000.0			300,000,000.0
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (as a percent)						0.85%
Unsecured Term Loans | Delayed Draw Term Loan due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €								200,000,000.0			200,000,000.0
Unsecured Revolving Credit Facility
Senior Unsecured Credit Facility
Line of credit facility, available				$ 2,000,000,000.0		$ 2,000,000,000.0
Debt Instrument borrowing capacity fee (as a percent)						0.15%
Unsecured Revolving Credit Facility | Unsecured Credit Facility Maturing February 2029
Senior Unsecured Credit Facility
Maximum borrowing capacity				2,000,000,000.0		$ 2,000,000,000.0				$ 2,000,000,000.0
Unsecured Revolving Credit Facility | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Maximum borrowing capacity | £									£ 270,000,000			£ 270,000,000
Unsecured Revolving Credit Facility | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Maximum borrowing capacity | €								€ 215,000,000			€ 215,000,000
Standby Letters of Credit
Senior Unsecured Credit Facility
Line of credit facility, available				$ 5,800,000		$ 5,800,000

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Debt - Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Senior Unsecured Credit Facility
Debt outstanding	$ 1,121,908	$ 1,537,166
Unamortized discount	35,570
Debt financing costs	28,548
Unsecured Term Loans
Senior Unsecured Credit Facility
Debt outstanding	1,106,903	1,133,381
Unamortized discount	6,200	7,400
Debt financing costs	300	400
Unsecured Term Loans | Unsecured Term Loan due 2026 — borrowing in euros
Senior Unsecured Credit Facility
Debt outstanding	$ 535,250	552,500
Effective interest rate (as a percent)	4.34%
Unsecured Term Loans | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Debt outstanding	$ 341,495	343,306
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Debt outstanding	$ 230,158	237,575
Unsecured Term Loans | EURIBOR | Unsecured Term Loan due 2026 — borrowing in euros
Senior Unsecured Credit Facility
Stated interest rate (as a percent)	4.34%
Variable interest rate (as a percent)	0.85%
Unsecured Term Loans | EURIBOR | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.85%
Unsecured Term Loans | SONIA | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.85%
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	$ 15,005	403,785
Unsecured Revolving Credit Facility: | JPY, Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	15,005	17,035
Unsecured Revolving Credit Facility: | Euro Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	$ 0	$ 386,750
Unsecured Revolving Credit Facility: | JPY LIBOR | JPY, Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.775%

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Debt - Senior Unsecured Notes (Details)	1 Months Ended
	Jul. 31, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Jul. 24, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 28, 2024 USD ($)	May 16, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs				$ 28,548,000
Unamortized discount, net				35,570,000
Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)		4.60%
Principal Amount				6,600,000,000
Principal amount of debt outstanding				6,573,513,000				$ 6,076,875,000
Unamortized deferred financing costs				28,000,000.0				21,100,000
Unamortized discount, net				$ 25,600,000				20,100,000
Repayment of unsecured debt		$ 500,000,000
Unsecured Senior Notes | Subsequent Events
Senior Unsecured Notes
Coupon rate (as a percent)	2.25%		2.25%
Repayment of unsecured debt | €	€ 500,000,000
Principal amount of debt repaid | €	€ 500,000,000
4.6% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				4.60%	4.60%
Principal Amount				$ 500,000,000
Principal amount of debt outstanding				$ 0				500,000,000
2.25% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.25%	2.25%
Principal Amount | €					€ 500,000,000
Principal amount of debt outstanding				$ 535,250,000				552,500,000
4.0% Senior Notes due 2025 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				4.00%	4.00%
Principal Amount				$ 450,000,000
Principal amount of debt outstanding				$ 450,000,000				450,000,000
2.25% Senior Notes due 2026 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.25%	2.25%
Principal Amount | €					€ 500,000,000
Principal amount of debt outstanding				$ 535,250,000				552,500,000
4.25% Senior Notes due 2026 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				4.25%	4.25%
Principal Amount				$ 350,000,000
Principal amount of debt outstanding				$ 350,000,000				350,000,000
2.125% Senior Notes due 2027 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.125%	2.125%
Principal Amount | €					€ 500,000,000
Principal amount of debt outstanding				$ 535,250,000				552,500,000
1.35% Senior Notes due 2028 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				1.35%	1.35%
Principal Amount | €					€ 500,000,000
Principal amount of debt outstanding				$ 535,250,000				552,500,000
3.85% Senior Notes due 2029 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				3.85%	3.85%
Principal Amount				$ 325,000,000
Principal amount of debt outstanding				$ 325,000,000				325,000,000
3.41% Senior Notes due 2029 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				3.41%	3.41%
Principal Amount | €					€ 150,000,000
Principal amount of debt outstanding				$ 160,575,000				165,750,000
0.95% Senior Notes due 2030 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				0.95%	0.95%
Principal Amount | €					€ 525,000,000
Principal amount of debt outstanding				$ 562,013,000				580,125,000
2.4% Senior Notes due 2031 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.40%	2.40%
Principal Amount				$ 500,000,000
Principal amount of debt outstanding				$ 500,000,000				500,000,000
2.45% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.45%	2.45%
Principal Amount				$ 350,000,000
Principal amount of debt outstanding				$ 350,000,000				350,000,000
4.25% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				4.25%	4.25%		4.25%
Principal Amount				$ 650,000,000		$ 400,000,000	€ 650,000,000
Principal amount of debt outstanding				$ 695,825,000				0
3.7% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				3.70%	3.70%
Principal Amount | €					€ 200,000,000
Principal amount of debt outstanding				$ 214,100,000				221,000,000
2.25% Senior Notes due 2033 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				2.25%	2.25%
Principal Amount				$ 425,000,000
Principal amount of debt outstanding				$ 425,000,000				425,000,000
5.375% Senior Notes due 2034 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)				5.375%	5.375%	5.375%
Principal Amount				$ 400,000,000
Principal amount of debt outstanding				$ 400,000,000				$ 0

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Debt - Debt Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Long-term Debt, by Maturity
2024 (remainder)	$ 602,952
2025	707,294
2026	1,510,520
2027	537,595
2028	1,156,892
Thereafter through 2034	3,651,313
Total principal payments	8,166,566
Unamortized discount, net	(35,570)
Unamortized deferred financing costs	(28,548)
Total	$ 8,102,448

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Stock-Based Compensation and Equity - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 30, 2023	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 8,900,000	$ 9,000,000.0	$ 17,759,000	$ 16,761,000
Dividends declared (in dollars per share)	$ 0.870	$ 1.069	$ 1.735	$ 2.136
Acquisition of noncontrolling interest		$ 0		$ 0
Minority Interest
Share-based Compensation Arrangement by Share-based Payment Award
Remaining acquired amount (as a percent)					3.00%
Ownership interest parent (as a percent)					100.00%
Common Stock | 2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Issuance of common stock (in shares)	4,000,000		4,000,000
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Acquisition of noncontrolling interest		$ 1,153,000		$ 1,153,000
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate gross sales price						$ 1,000,000,000

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Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Weighted-Average Grant Date Fair Value
Fair value of vested stock	$ 38,800
Deferred compensation obligation	$ 78,379	$ 62,046
RSA and RSU Awards
Shares
Nonvested, beginning balance (in shares)	447,358
Granted (in shares)	266,896
Vested (in shares)	(158,231)
Forfeited (in shares)	(3,393)
Adjustments (in shares)	0
Nonvested, ending balance (in shares)	552,630
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 77.69
Granted, weighted average grant date fair value (in dollars per share)	64.95
Vested, weighted average grant date fair value (in dollars per share)	76.52
Forfeited, weighted average grant date fair value (in dollars per share)	73.29
Adjustments, weighted average grant date fair value (in dollars per share)	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 71.45
Conversion rate (in shares)	1
PSU Awards
Shares
Nonvested, beginning balance (in shares)	526,413
Granted (in shares)	213,645
Vested (in shares)	(309,670)
Forfeited (in shares)	(2,795)
Adjustments (in shares)	36,984
Nonvested, ending balance (in shares)	464,577
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 105.92
Granted, weighted average grant date fair value (in dollars per share)	82.95
Vested, weighted average grant date fair value (in dollars per share)	86.19
Forfeited, weighted average grant date fair value (in dollars per share)	101.04
Adjustments, weighted average grant date fair value (in dollars per share)	89.07
Nonvested, weighted average grant date fair value (in dollars per share)	$ 112.29
Performance period (in years)	3 years
PSU Awards | Minimum
Weighted-Average Grant Date Fair Value
Potential performance return rate for stock awards	0
PSU Awards | Maximum
Weighted-Average Grant Date Fair Value
Potential performance return rate for stock awards	3
Long Term Incentive Plan
Weighted-Average Grant Date Fair Value
Fair value assumptions expected dividend rate (as a percent)	0.00%
Deferred compensation arrangement with individual, common stock reserved for future issuance (in shares)	1,389,682	1,196,955
Deferred compensation obligation	$ 78,400	$ 62,000
Total unrecognized compensation expense	$ 56,600
Weighted-average remaining term (in years)	2 years
Long Term Incentive Plan | Minimum
Weighted-Average Grant Date Fair Value
Risk free interest rate (as a percent)	4.10%
Fair value assumptions expected volatility rate (as a percent)	20.50%

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Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Reconciliation
Net income — basic	$ 142,895	$ 144,620	$ 302,118	$ 439,000
Net income — diluted	$ 142,895	$ 144,620	$ 302,118	$ 439,000
Weighted-average shares outstanding – basic (in shares)	220,195,910	215,075,114	220,113,753	213,522,150
Effect of dilutive securities (in shares)	18,208	109,371	147,772	353,321
Weighted-average shares outstanding – diluted (in shares)	220,214,118	215,184,485	220,261,525	213,875,471

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Stock-Based Compensation and Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds				$ 249,863
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered				3,081,867
Net proceeds				$ 3
Underwriting Agreement | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered	0	0	0	3,081,867
Net proceeds	$ 0	$ 0	$ 0	$ 249,806

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Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 8,679,175	$ 9,319,362	$ 8,706,997	$ 9,008,644
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(9,215)	(4,509)	(24,720)	(9,135)
Interest expense	65,307	75,488	133,958	142,684
Net current period other comprehensive income (loss)	(143)	4,542	1,951	3,736
Ending equity balance	8,639,499	9,246,932	8,639,499	9,246,932
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(252,516)	(284,558)	(254,867)	(283,780)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(252,640)	(279,931)	(252,640)	(279,931)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	16,082	28,816	9,650	36,079
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	15,963	23,879	15,963	23,879
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(268,598)	(313,374)	(264,517)	(319,859)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(268,603)	(303,810)	(268,603)	(303,810)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	3,435	8,209	8,546	12,078
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,578)	(3,667)	(6,595)	(8,342)
Net current period other comprehensive income (loss)	(143)	4,542	1,951	3,736
Net current period other comprehensive loss attributable to noncontrolling interests	19	85	276	113
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,877)	(3,564)	(5,066)	(7,869)
Interest expense	(701)	(103)	(1,529)	(473)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	3,459	(1,270)	12,908	(3,858)
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,578)	(3,667)	(6,595)	(8,342)
Net current period other comprehensive income (loss)	(119)	(4,937)	6,313	(12,200)
Net current period other comprehensive loss attributable to noncontrolling interests	0	0	0	0
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,877)	(3,564)	(5,066)	(7,869)
Interest expense	(701)	(103)	(1,529)	(473)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	(24)	9,479	(4,362)	15,936
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Net current period other comprehensive income (loss)	(24)	9,479	(4,362)	15,936
Net current period other comprehensive loss attributable to noncontrolling interests	19	85	276	113
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	0	0	0	0
Interest expense	$ 0	$ 0	$ 0	$ 0

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Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Current income tax expense	$ 7,600	$ 12,900	$ 17,700	$ 23,600
Deferred income tax (expense) benefit	$ 1,400	$ 2,700	$ 2,765	$ (1,643)

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Property Dispositions - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Dec. 31, 2023 property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate			$ 195,022	$ 44,061
Hotel | Owned Real Estate
Discontinued Operation Additional Disclosures
Number of properties sold | property	1				8
Properties Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold | property	12	3	165	8
Proceeds from sales of real estate	$ 133,700	$ 3,100	$ 1,000,000	$ 44,100
Gain (loss) on sales of property	39,400	$ 1,800	54,800	$ 3,400
Gains losses on sales of investment real estate, tax expense (benefit)	$ (100)		$ 3,100
Properties Disposed of by Sale | Office Sales Program
Discontinued Operation Additional Disclosures
Number of properties sold | property	3		75
Proceeds from sales of real estate	$ 61,900		$ 451,900
Gain (loss) on sales of property	$ (1,700)		$ 400

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Subsequent Events (Details) $ in Thousands, € in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($) property store	Jul. 31, 2024 EUR (€) property store	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jul. 24, 2024
Subsequent Event
Payment to acquire real estate						$ 448,088	$ 895,034
Proceeds from sales of real estate						$ 195,022	$ 44,061
Properties Disposed of by Sale
Subsequent Event
Number of real estate properties (property) | property				1		1
Number of properties sold | property				12	3	165	8
Proceeds from sales of real estate				$ 133,700	$ 3,100	$ 1,000,000	$ 44,100
Properties Disposed of by Sale | Office Sales Program
Subsequent Event
Number of properties sold | property				3		75
Proceeds from sales of real estate				$ 61,900		$ 451,900
Unsecured Senior Notes
Subsequent Event
Repayment of unsecured debt			$ 500,000
Stated interest rate (as a percent)			4.60%
Subsequent Events
Subsequent Event
Number of real estate properties (property) | property	2	2
Payment to acquire real estate	$ 67,300
Subsequent Events | United States
Subsequent Event
Number of real estate properties (property) | property	4	4
Payment to acquire real estate	$ 38,000
Subsequent Events | POLAND
Subsequent Event
Payment to acquire real estate	$ 29,300
Number of stores | store	114	114
Subsequent Events | Properties Disposed of by Sale
Subsequent Event
Number of properties sold | property	4	4
Proceeds from sales of real estate	$ 74,900
Subsequent Events | Properties Disposed of by Sale | Office Sales Program
Subsequent Event
Number of properties sold | property	2	2
Proceeds from sales of real estate	$ 50,900
Subsequent Events | Unsecured Senior Notes
Subsequent Event
Repayment of unsecured debt | €		€ 500
Stated interest rate (as a percent)	2.25%	2.25%						2.25%